Site Centers (NYSE:SITC) Rating Increased to Hold at Wall Street Zen

Site Centers (NYSE:SITC) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

SITC has been the topic of a number of other research reports. Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a research report on Monday, December 29th. Piper Sandler lowered Site Centers from an “overweight” rating to a “neutral” rating in a research note on Friday, February 27th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $10.83.

Site Centers Trading Down 1.9%

NYSE:SITC opened at $6.13 on Friday. The firm has a market cap of $321.58 million, a price-to-earnings ratio of 1.82 and a beta of 1.06. The company’s 50-day moving average is $6.35 and its two-hundred day moving average is $7.67. Site Centers has a 12-month low of $5.92 and a 12-month high of $13.46.

Site Centers (NYSE:SITC) last issued its quarterly earnings results on Thursday, February 26th. The company reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $2.79. The business had revenue of $17.51 million during the quarter, compared to the consensus estimate of $22.39 million. Site Centers had a net margin of 156.72% and a return on equity of 43.13%. On average, equities research analysts forecast that Site Centers will post 3.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SITC. Aristides Capital LLC acquired a new stake in shares of Site Centers in the fourth quarter worth approximately $204,000. DGS Capital Management LLC acquired a new position in Site Centers during the fourth quarter worth approximately $143,000. Mercer Global Advisors Inc. ADV increased its position in Site Centers by 65.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 29,619 shares of the company’s stock worth $190,000 after purchasing an additional 11,680 shares during the last quarter. Rush Island Management LP raised its stake in Site Centers by 19.8% during the fourth quarter. Rush Island Management LP now owns 3,989,634 shares of the company’s stock worth $25,613,000 after purchasing an additional 659,269 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Site Centers by 2,101.6% in the 4th quarter. Millennium Management LLC now owns 1,257,419 shares of the company’s stock valued at $8,073,000 after purchasing an additional 1,200,306 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.