Panoramic Capital LLC Purchases New Holdings in Site Centers Corp. $SITC

Panoramic Capital LLC acquired a new position in shares of Site Centers Corp. (NYSE:SITC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 479,550 shares of the company’s stock, valued at approximately $1,017,000. Panoramic Capital LLC owned approximately 0.91% of Site Centers at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SITC. WealthCollab LLC lifted its holdings in shares of Site Centers by 950.8% during the first quarter. WealthCollab LLC now owns 5,296 shares of the company’s stock valued at $29,000 after purchasing an additional 4,792 shares during the last quarter. Symmetry Peak Management LLC purchased a new stake in shares of Site Centers in the 2nd quarter worth approximately $37,000. EverSource Wealth Advisors LLC increased its position in Site Centers by 4,078.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,761 shares of the company’s stock valued at $43,000 after buying an additional 3,671 shares in the last quarter. Parallel Advisors LLC increased its position in Site Centers by 3,546.9% during the 1st quarter. Parallel Advisors LLC now owns 8,242 shares of the company’s stock valued at $45,000 after buying an additional 8,016 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Site Centers by 380.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock valued at $45,000 after buying an additional 5,535 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SITC shares. Zacks Research cut Site Centers from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 20th. Piper Sandler cut their price objective on shares of Site Centers from $5.00 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Wall Street Zen raised shares of Site Centers from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $6.75.

Site Centers Stock Performance

Shares of NYSE:SITC opened at $3.04 on Thursday. The firm has a market cap of $159.51 million, a price-to-earnings ratio of 1.26 and a beta of 0.99. The business has a 50-day simple moving average of $3.93 and a two-hundred day simple moving average of $5.02. Site Centers Corp. has a fifty-two week low of $2.89 and a fifty-two week high of $12.39.

Site Centers (NYSE:SITC) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. Site Centers had a net margin of 219.18% and a return on equity of 40.56%. The firm had revenue of $6.85 million for the quarter, compared to the consensus estimate of $8.20 million. As a group, research analysts predict that Site Centers Corp. will post -0.29 earnings per share for the current year.

Site Centers Dividend Announcement

The business also recently announced a special dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were issued a $1.00 dividend.

Site Centers Profile

Site Centers (NYSE:SITC) is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of grocery-anchored shopping centers. The company’s portfolio comprises open-air retail properties that primarily serve daily needs tenants and national retailers. By concentrating on neighborhood and community shopping centers, Site Centers aims to provide stable occupancy levels and resilient income streams driven by essential services such as supermarkets, pharmacies and convenient dining options.

Originally known as DDR Corp., the company rebranded as Site Centers in 2021 to emphasize its strategic focus on high-quality retail assets and long-term value creation.