SITE Centers (NYSE:SITC) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of SITE Centers (NYSE:SITC) from a hold rating to a sell rating in a report released on Saturday morning.

Several other equities analysts also recently weighed in on SITC. Wells Fargo & Company cut their price target on shares of SITE Centers from $17.00 to $14.50 and set an “equal weight” rating on the stock in a report on Wednesday, March 26th. Piper Sandler cut their price target on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $35.25.

SITE Centers Trading Down 1.4%

Shares of SITE Centers stock opened at $11.59 on Friday. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers has a 12-month low of $10.46 and a 12-month high of $64.44. The firm has a market capitalization of $607.58 million, a price-to-earnings ratio of 0.85 and a beta of 1.32. The firm’s 50 day simple moving average is $12.04 and its two-hundred day simple moving average is $13.92.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The company had revenue of $40.35 million for the quarter, compared to analysts’ expectations of $33.50 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. SITE Centers’s quarterly revenue was down 66.6% compared to the same quarter last year. During the same period last year, the firm earned $0.28 earnings per share. Analysts predict that SITE Centers will post 3.24 EPS for the current year.

Institutional Investors Weigh In On SITE Centers

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Jane Street Group LLC acquired a new position in shares of SITE Centers in the 1st quarter valued at $4,023,000. Caxton Associates LLP acquired a new position in shares of SITE Centers in the 1st quarter valued at $5,037,000. Goldman Sachs Group Inc. lifted its stake in shares of SITE Centers by 88.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 725,279 shares of the company’s stock valued at $9,313,000 after purchasing an additional 340,452 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of SITE Centers by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,217 shares of the company’s stock valued at $362,000 after acquiring an additional 1,185 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of SITE Centers during the 1st quarter valued at about $897,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Company Profile

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.