Site Centers (NYSE:SITC) Stock Rating Lowered by Zacks Research

Site Centers (NYSE:SITC) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Piper Sandler dropped their target price on shares of Site Centers from $5.00 to $3.50 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Finally, Wall Street Zen upgraded shares of Site Centers from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Site Centers presently has an average rating of “Reduce” and a consensus price target of $6.75.

Site Centers Stock Up 1.3%

Shares of NYSE SITC opened at $3.06 on Thursday. The stock’s 50-day simple moving average is $4.03 and its two-hundred day simple moving average is $5.10. Site Centers has a twelve month low of $2.89 and a twelve month high of $12.39. The firm has a market capitalization of $160.56 million, a P/E ratio of 1.27 and a beta of 0.99.

Site Centers (NYSE:SITC) last issued 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. The firm had revenue of $6.85 million during the quarter, compared to the consensus estimate of $8.20 million. Site Centers had a return on equity of 40.56% and a net margin of 219.18%. As a group, research analysts anticipate that Site Centers will post -0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Site Centers

Large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Site Centers in the second quarter worth approximately $20,004,000. Rush Island Management LP raised its stake in shares of Site Centers by 11.4% during the first quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock worth $24,007,000 after acquiring an additional 456,032 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Site Centers during the second quarter worth approximately $6,424,000. Cohen & Steers Inc. lifted its holdings in shares of Site Centers by 129.8% in the 4th quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company’s stock worth $17,196,000 after acquiring an additional 1,512,817 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Site Centers by 176.0% in the 1st quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company’s stock worth $12,217,000 after acquiring an additional 1,442,755 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Site Centers Company 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.