Site Centers (NYSE:SITC) Price Target Cut to $5.50 by Analysts at Piper Sandler

Site Centers (NYSE:SITC) had its target price reduced by Piper Sandler from $6.50 to $5.50 in a research report report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

SITC has been the subject of several other reports. Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Site Centers from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Site Centers currently has a consensus rating of “Reduce” and a consensus target price of $7.75.

Site Centers Stock Down 0.8%

SITC stock opened at $5.36 on Wednesday. Site Centers has a twelve month low of $5.24 and a twelve month high of $13.10. The company has a market cap of $280.92 million, a P/E ratio of 1.59 and a beta of 1.09. The business’s fifty day moving average is $6.07 and its 200-day moving average is $7.01.

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

Institutional Trading of Site Centers

Several hedge funds have recently added to or reduced their stakes in the business. Rush Island Management LP grew its stake in Site Centers by 19.8% in the fourth quarter. Rush Island Management LP now owns 3,989,634 shares of the company’s stock valued at $25,613,000 after acquiring an additional 659,269 shares during the period. Cohen & Steers Inc. raised its position in shares of Site Centers by 129.8% during the fourth quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company’s stock worth $17,196,000 after purchasing an additional 1,512,817 shares during the period. Gumshoe Capital Management LLC acquired a new stake in shares of Site Centers during the fourth quarter worth about $14,278,000. Nuveen LLC lifted its holdings in shares of Site Centers by 32.4% during the 4th quarter. Nuveen LLC now owns 1,995,706 shares of the company’s stock valued at $12,812,000 after purchasing an additional 488,463 shares in the last quarter. Finally, Newtyn Management LLC grew its position in shares of Site Centers by 76.1% in the 3rd quarter. Newtyn Management LLC now owns 1,936,630 shares of the company’s stock valued at $17,449,000 after purchasing an additional 836,630 shares during the period. 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.