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

Site Centers (NYSE:SITC) was upgraded by stock analysts at Zacks Research to a “hold” rating in a report released on Wednesday,Zacks.com reports.

Several other equities analysts also recently weighed in on the company. Piper Sandler set a $5.00 price objective on Site Centers and gave the company a “neutral” rating in a research note on Tuesday. Wall Street Zen downgraded Site Centers from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $7.50.

Site Centers Trading Down 0.4%

Shares of Site Centers stock opened at $4.25 on Wednesday. Site Centers has a 12-month low of $3.91 and a 12-month high of $12.39. The stock has a market cap of $223.26 million, a PE ratio of 1.28 and a beta of 1.00. The company has a 50-day moving average of $4.75 and a two-hundred day moving average of $5.51.

Site Centers (NYSE:SITC) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.13. The company had revenue of $13.02 million during the quarter, compared to the consensus estimate of $10.20 million. Site Centers had a net margin of 212.95% and a return on equity of 47.95%. On average, sell-side analysts forecast that Site Centers will post -0.15 EPS for the current fiscal year.

Institutional Trading of Site Centers

Several large investors have recently modified their holdings of the business. Parallel Advisors LLC increased its stake in shares of Site Centers by 3,546.9% during the 1st quarter. Parallel Advisors LLC now owns 8,242 shares of the company’s stock worth $45,000 after purchasing an additional 8,016 shares in the last quarter. Bank of America Corp DE lifted its stake in Site Centers by 67.1% in the 1st quarter. Bank of America Corp DE now owns 248,854 shares of the company’s stock valued at $1,344,000 after buying an additional 99,934 shares in the last quarter. Rush Island Management LP lifted its stake in Site Centers by 11.4% in the 1st quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock valued at $24,007,000 after buying an additional 456,032 shares in the last quarter. Quantinno Capital Management LP grew its holdings in Site Centers by 22.6% during the 1st quarter. Quantinno Capital Management LP now owns 83,597 shares of the company’s stock valued at $451,000 after buying an additional 15,427 shares during the last quarter. Finally, Modern Wealth Management LLC acquired a new stake in Site Centers during the 1st quarter valued at $94,000. 88.70% of the stock is currently 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.