Wall Street Zen Upgrades Site Centers (NYSE:SITC) to “Hold”

Site Centers (NYSE:SITC) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Several other research analysts have also weighed in on SITC. Weiss Ratings reiterated a “sell (d)” rating on shares of Site Centers in a report on Monday, December 29th. Piper Sandler downgraded Site Centers from an “overweight” rating to a “neutral” rating in a report on Friday, February 27th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $10.83.

Site Centers Stock Performance

SITC opened at $6.13 on Friday. The firm’s fifty day moving average is $6.35 and its two-hundred day moving average is $7.61. The firm has a market cap of $321.59 million, a PE ratio of 1.82 and a beta of 1.06. Site Centers has a twelve month low of $5.92 and a twelve month high of $13.46.

Site Centers (NYSE:SITC) last announced its quarterly earnings results on Thursday, February 26th. The company reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $2.79. Site Centers had a net margin of 156.72% and a return on equity of 43.13%. The company had revenue of $17.51 million for the quarter, compared to analysts’ expectations of $22.39 million. Equities analysts forecast that Site Centers will post 3.24 EPS for the current fiscal year.

Institutional Trading of Site Centers

Institutional investors have recently modified their holdings of the company. Aristides Capital LLC bought a new position in shares of Site Centers during the fourth quarter worth about $204,000. DGS Capital Management LLC bought a new stake in Site Centers in the 4th quarter valued at approximately $143,000. Mercer Global Advisors Inc. ADV lifted its stake in Site Centers by 65.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 29,619 shares of the company’s stock valued at $190,000 after acquiring an additional 11,680 shares in the last quarter. Rush Island Management LP boosted its position in Site Centers by 19.8% during the 4th quarter. Rush Island Management LP now owns 3,989,634 shares of the company’s stock worth $25,613,000 after acquiring an additional 659,269 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Site Centers by 2,101.6% during the 4th quarter. Millennium Management LLC now owns 1,257,419 shares of the company’s stock worth $8,073,000 after acquiring an additional 1,200,306 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

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.