Site Centers (NYSE:SITC) Stock Rating Lowered by Piper Sandler

Site Centers (NYSE:SITC) was downgraded by Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Friday.

SITC has been the subject of several other research reports. Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a report on Monday, December 29th. Wall Street Zen lowered shares of Site Centers from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $10.83.

Site Centers Price Performance

SITC traded down $0.65 during trading on Friday, hitting $6.11. 1,210,830 shares of the company traded hands, compared to its average volume of 861,404. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.81. The company has a market cap of $320.27 million, a PE ratio of 10.90 and a beta of 1.09. The stock’s 50-day simple moving average is $6.38 and its two-hundred day simple moving average is $7.90. Site Centers has a 1 year low of $5.97 and a 1 year high of $14.24.

Site Centers (NYSE:SITC) last released its quarterly earnings data on Thursday, February 26th. The company reported $2.55 EPS for the quarter, beating the consensus estimate of ($0.24) by $2.79. Site Centers had a net margin of 29.19% and a return on equity of 8.21%. The business had revenue of $17.51 million during the quarter, compared to the consensus estimate of $22.39 million. As a group, sell-side analysts anticipate that Site Centers will post 3.24 earnings per share for the current fiscal year.

Institutional Trading of Site Centers

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Rush Island Management LP boosted its holdings in shares of Site Centers by 19.8% in the fourth quarter. Rush Island Management LP now owns 3,989,634 shares of the company’s stock valued at $25,613,000 after acquiring an additional 659,269 shares during the period. Cohen & Steers Inc. increased its stake in Site Centers by 129.8% in the 4th quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company’s stock valued at $17,196,000 after purchasing an additional 1,512,817 shares in the last quarter. Gumshoe Capital Management LLC purchased a new stake in shares of Site Centers in the 4th quarter worth about $14,278,000. Nuveen LLC grew its position in shares of Site Centers by 32.4% in the fourth quarter. Nuveen LLC now owns 1,995,706 shares of the company’s stock valued at $12,812,000 after purchasing an additional 488,463 shares during the last quarter. Finally, Newtyn Management LLC increased its position in Site Centers by 76.1% during the third quarter. Newtyn Management LLC now owns 1,936,630 shares of the company’s stock worth $17,449,000 after buying an additional 836,630 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

About Site Centers

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.