Site Centers (NYSE:SITC) Upgraded at Zacks Research

Zacks Research upgraded shares of Site Centers (NYSE:SITC) to a hold rating in a research report report published on Wednesday morning,Zacks.com reports.

SITC has been the topic of several other research reports. Wall Street Zen cut Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Finally, Piper Sandler set a $5.00 price objective on shares of Site Centers and gave the company a “neutral” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Site Centers presently has a consensus rating of “Reduce” and a consensus target price of $7.50.

Site Centers Stock Performance

Shares of NYSE:SITC opened at $4.38 on Wednesday. The company has a market capitalization of $229.56 million, a PE ratio of 1.32 and a beta of 1.00. The stock has a fifty day moving average of $4.73 and a 200-day moving average of $5.50. Site Centers has a one year low of $3.91 and a one year high of $12.39.

Site Centers (NYSE:SITC) last issued its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.13. Site Centers had a return on equity of 47.95% and a net margin of 212.95%.The business had revenue of $13.02 million for the quarter, compared to analysts’ expectations of $10.20 million. As a group, research analysts forecast that Site Centers will post -0.15 EPS for the current fiscal year.

Site Centers Dividend Announcement

The company also recently disclosed a special dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be given a dividend of $1.00 per share.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Gumshoe Capital Management LLC purchased a new stake in shares of Site Centers during the 4th quarter worth about $14,278,000. Cohen & Steers Inc. grew its stake in shares of Site Centers by 129.8% in the 4th quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company’s stock valued at $17,196,000 after buying an additional 1,512,817 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Site Centers by 176.0% in the 1st quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company’s stock valued at $12,217,000 after buying an additional 1,442,755 shares in the last quarter. Jane Street Group LLC acquired a new position in Site Centers in the fourth quarter worth approximately $8,356,000. Finally, Millennium Management LLC increased its holdings in Site Centers by 2,101.6% in the fourth quarter. Millennium Management LLC now owns 1,257,419 shares of the company’s stock worth $8,073,000 after buying an additional 1,200,306 shares during the last quarter. 88.70% of the stock is 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.