Piper Sandler Downgrades Site Centers (NYSE:SITC) to Neutral

Site Centers (NYSE:SITC) was downgraded by stock analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Friday, Marketbeat.com reports.

Several other research firms have also recently commented on SITC. Wall Street Zen cut shares of Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of Site Centers in a report on Monday, December 29th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $10.83.

Site Centers Stock Down 8.9%

Shares of Site Centers stock opened at $6.15 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.59 and a quick ratio of 1.59. Site Centers has a 1-year low of $5.97 and a 1-year high of $14.24. The business’s fifty day moving average price is $6.38 and its two-hundred day moving average price is $7.83. The company has a market capitalization of $322.42 million, a P/E ratio of 1.83 and a beta of 1.09.

Site Centers (NYSE:SITC) last released its quarterly earnings results on Thursday, February 26th. The company reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $2.79. Site Centers had a return on equity of 40.59% and a net margin of 156.72%.The company had revenue of $17.51 million during the quarter, compared to analysts’ expectations of $22.39 million. As a group, research analysts forecast that Site Centers will post 3.24 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Pensionfund Sabic bought a new stake in shares of Site Centers during the 4th quarter worth $32,000. Federated Hermes Inc. raised its position in shares of Site Centers by 1,792.1% during the third quarter. Federated Hermes Inc. now owns 4,560 shares of the company’s stock worth $41,000 after purchasing an additional 4,319 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Site Centers by 4,078.9% during the second quarter. EverSource Wealth Advisors LLC now owns 3,761 shares of the company’s stock valued at $43,000 after purchasing an additional 3,671 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Site Centers by 380.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock valued at $45,000 after purchasing an additional 5,535 shares during the last quarter. Finally, Pensionfund PDN acquired a new position in shares of Site Centers in the 4th quarter valued at $48,000. Institutional investors own 88.70% of the company’s stock.

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.