Wall Street Zen Upgrades Site Centers (NYSE:SITC) to “Hold”

Site Centers (NYSE:SITC) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

A number of other research firms have also recently commented on SITC. Piper Sandler decreased their price target on Site Centers from $5.00 to $3.50 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a research note on Wednesday, June 24th. Finally, Zacks Research upgraded shares of Site Centers to a “hold” rating in a report on Wednesday, July 22nd. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $6.75.

Site Centers Trading Up 0.2%

Shares of SITC stock opened at $3.15 on Friday. The business’s fifty day simple moving average is $4.42 and its 200-day simple moving average is $5.31. The company has a market cap of $165.54 million, a PE ratio of 1.31 and a beta of 0.99. Site Centers has a 12-month low of $2.89 and a 12-month high of $12.39.

Site Centers (NYSE:SITC) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. Site Centers had a return on equity of 40.56% and a net margin of 219.18%.The firm had revenue of $6.85 million during the quarter, compared to analysts’ expectations of $8.20 million. On average, equities analysts forecast that Site Centers will post -0.29 earnings per share for the current year.

Institutional Trading of Site Centers

Several institutional investors and hedge funds have recently bought and sold shares of SITC. WealthCollab LLC grew its position in Site Centers by 950.8% during the 1st quarter. WealthCollab LLC now owns 5,296 shares of the company’s stock worth $29,000 after purchasing an additional 4,792 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Site Centers by 4,078.9% in 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 during the period. Parallel Advisors LLC lifted its holdings in shares of Site Centers by 3,546.9% in 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 during the period. PNC Financial Services Group Inc. boosted its stake in shares of Site Centers by 380.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock worth $45,000 after buying an additional 5,535 shares during the last quarter. Finally, Laurion Capital Management LP purchased a new stake in shares of Site Centers in the fourth quarter worth about $70,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.