Site Centers (NYSE:SITC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Site Centers (NYSE:SITC) from a sell rating to a hold rating in a report published on Saturday morning.

Several other research firms have also recently issued reports on SITC. Zacks Research raised shares of Site Centers to a “hold” rating in a research note on Wednesday, July 22nd. Piper Sandler cut their price objective 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. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a research note on Wednesday, June 24th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $6.75.

Site Centers Stock Down 3.5%

Shares of NYSE:SITC opened at $3.04 on Friday. The company has a market capitalization of $159.51 million, a P/E ratio of 1.26 and a beta of 0.99. Site Centers has a 52-week low of $2.89 and a 52-week high of $12.39. The stock’s fifty day simple moving average is $4.39 and its 200-day simple moving average is $5.29.

Site Centers (NYSE:SITC) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.03) EPS 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, sell-side analysts anticipate that Site Centers will post -0.29 earnings per share for the current year.

Site Centers Dividend Announcement

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

Institutional Trading of Site Centers

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Site Centers during the 2nd quarter valued at about $20,004,000. Gumshoe Capital Management LLC acquired a new stake in shares of Site Centers in the fourth quarter worth approximately $14,278,000. Cohen & Steers Inc. boosted its position in shares of Site Centers by 129.8% in the fourth 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. SG Americas Securities LLC grew its holdings in Site Centers by 176.0% in the first quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company’s stock valued at $12,217,000 after purchasing an additional 1,442,755 shares during the period. Finally, Jane Street Group LLC purchased a new stake in Site Centers in the fourth quarter valued at approximately $8,356,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.