Site Centers (NYSE:SITC) Stock Rating Upgraded by Zacks Research

Site Centers (NYSE:SITC) was upgraded by equities researchers at Zacks Research to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

SITC has been the subject of several other reports. Piper Sandler set a $5.00 price target on Site Centers and gave the stock a “neutral” rating in a report on Tuesday. Wall Street Zen lowered Site Centers from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Site Centers in a research report on Wednesday, June 24th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $7.50.

Site Centers Price Performance

Shares of Site Centers stock opened at $4.25 on Wednesday. The business has a fifty day simple moving average of $4.75 and a two-hundred day simple moving average of $5.51. Site Centers has a 1 year low of $3.91 and a 1 year high of $12.39. The company has a market capitalization of $223.26 million, a price-to-earnings ratio of 1.28 and a beta of 1.00.

Site Centers (NYSE:SITC) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.13. The company had revenue of $13.02 million for the quarter, compared to analyst estimates of $10.20 million. Site Centers had a net margin of 212.95% and a return on equity of 47.95%. As a group, equities analysts anticipate that Site Centers will post -0.15 earnings per share for the current fiscal year.

Institutional Trading of Site Centers

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC boosted its position in shares of Site Centers by 3,546.9% during the 1st quarter. Parallel Advisors LLC now owns 8,242 shares of the company’s stock worth $45,000 after acquiring an additional 8,016 shares in the last quarter. Bank of America Corp DE raised its position in Site Centers by 67.1% during the first quarter. Bank of America Corp DE now owns 248,854 shares of the company’s stock valued at $1,344,000 after purchasing an additional 99,934 shares in the last quarter. Rush Island Management LP lifted its stake in Site Centers by 11.4% during the first quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock worth $24,007,000 after purchasing an additional 456,032 shares during the last quarter. Quantinno Capital Management LP lifted its stake in Site Centers by 22.6% during the first quarter. Quantinno Capital Management LP now owns 83,597 shares of the company’s stock worth $451,000 after purchasing an additional 15,427 shares during the last quarter. Finally, Modern Wealth Management LLC acquired a new stake in shares of Site Centers in the 1st quarter valued at $94,000. Institutional investors own 88.70% of the company’s stock.

About Site Centers

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.