Site Centers (NYSE:SITC) Stock Price Expected to Rise, Piper Sandler Analyst Says

Site Centers (NYSE:SITC) had its target price raised by investment analysts at Piper Sandler from $5.50 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 9.99% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Wall Street Zen raised Site Centers from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Site Centers has an average rating of “Reduce” and a consensus target price of $8.00.

Site Centers Trading Up 0.8%

NYSE:SITC opened at $5.46 on Wednesday. Site Centers has a 1-year low of $5.24 and a 1-year high of $13.10. The business’s 50-day moving average price is $5.80 and its two-hundred day moving average price is $6.64. The firm has a market capitalization of $286.17 million, a price-to-earnings ratio of 1.62 and a beta of 1.09.

Site Centers (NYSE:SITC) last released its earnings results on Thursday, February 26th. The company reported $2.55 earnings per share for the quarter, beating the consensus estimate of ($0.24) by $2.79. Site Centers had a return on equity of 43.13% and a net margin of 156.72%.The firm had revenue of $17.51 million for the quarter, compared to analyst estimates of $22.39 million.

Institutional Investors Weigh In On Site Centers

A number of hedge funds have recently modified their holdings of SITC. Pensionfund Sabic acquired a new stake in shares of Site Centers during the fourth quarter worth about $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 raised its position 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 worth $43,000 after purchasing an additional 3,671 shares during the period. PNC Financial Services Group Inc. raised its position in Site Centers by 380.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock valued at $45,000 after buying an additional 5,535 shares during the last quarter. Finally, Pensionfund PDN acquired a new stake in Site Centers in the 4th quarter valued at approximately $48,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.