Site Centers (NYSE:SITC) Rating Increased to Hold at Zacks Research

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

A number of other equities analysts also recently commented on SITC. Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a research note on Wednesday, June 24th. Piper Sandler set a $5.00 target price on shares of Site Centers and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Wall Street Zen downgraded shares of Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $7.50.

Site Centers Trading Down 0.4%

Shares of SITC opened at $4.25 on Wednesday. The firm has a market capitalization of $223.26 million, a P/E ratio of 1.28 and a beta of 1.00. Site Centers has a 12-month low of $3.91 and a 12-month high of $12.39. The firm has a fifty day moving average price of $4.75 and a 200-day moving average price of $5.51.

Site Centers (NYSE:SITC) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.13. Site Centers had a net margin of 212.95% and a return on equity of 47.95%. The firm had revenue of $13.02 million for the quarter, compared to analysts’ expectations of $10.20 million. Analysts predict that Site Centers will post -0.15 earnings per share for the current 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 issued a $1.00 dividend.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SITC. Gumshoe Capital Management LLC purchased a new stake in shares of Site Centers in the 4th quarter worth approximately $14,278,000. Cohen & Steers Inc. increased its holdings in Site Centers by 129.8% during the fourth 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 during the period. SG Americas Securities LLC increased its holdings in Site Centers by 176.0% during the first 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 during the period. Jane Street Group LLC purchased a new position in Site Centers during the fourth quarter valued at approximately $8,356,000. Finally, Millennium Management LLC raised its stake 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 in 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.