Piper Sandler Cuts Site Centers (NYSE:SITC) Price Target to $3.50

Site Centers (NYSE:SITC) had its price target trimmed by Piper Sandler from $5.00 to $3.50 in a research report released on Tuesday, Marketbeat Ratings reports. The brokerage currently has a neutral rating on the stock.

Several other research analysts have also commented on the company. Zacks Research upgraded Site Centers to a “hold” rating in a report on Wednesday, July 22nd. Wall Street Zen cut shares of Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a research report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $6.75.

Site Centers Price Performance

Shares of Site Centers stock opened at $3.12 on Tuesday. The stock’s 50 day simple moving average is $4.46 and its 200-day simple moving average is $5.34. The stock has a market cap of $163.44 million, a P/E ratio of 1.29 and a beta of 0.99. Site Centers has a 1-year low of $2.89 and a 1-year high of $12.39.

Site Centers (NYSE:SITC) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.08. Site Centers had a return on equity of 40.56% and a net margin of 219.18%.The firm had revenue of $6.85 million during the quarter, compared to analysts’ expectations of $8.20 million. As a group, research analysts expect that Site Centers will post -0.29 EPS for the current fiscal year.

Site Centers Announces Dividend

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

Institutional Trading of Site Centers

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in Site Centers by 4,078.9% during the second quarter. EverSource Wealth Advisors LLC now owns 3,761 shares of the company’s stock worth $43,000 after purchasing an additional 3,671 shares in the last quarter. WealthCollab LLC grew its stake in shares of Site Centers by 950.8% in the first quarter. WealthCollab LLC now owns 5,296 shares of the company’s stock valued at $29,000 after buying an additional 4,792 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Site Centers by 380.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock valued at $45,000 after buying an additional 5,535 shares in the last quarter. Osaic Holdings Inc. raised its holdings in shares of Site Centers by 926.6% in the 2nd quarter. Osaic Holdings Inc. now owns 7,884 shares of the company’s stock valued at $99,000 after buying an additional 7,116 shares during the period. Finally, Parallel Advisors LLC raised its holdings in shares of Site Centers by 3,546.9% in the 1st quarter. Parallel Advisors LLC now owns 8,242 shares of the company’s stock valued at $45,000 after buying an additional 8,016 shares during the period. Hedge funds and other institutional investors 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.