Site Centers (NYSE:SITC) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Site Centers (NYSE:SITC) from a sell rating to a hold rating in a research note released on Saturday.

SITC has been the topic of several other reports. Zacks Research raised Site Centers to a “hold” rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Site Centers in a research report on Wednesday, June 24th. Finally, Piper Sandler lowered their target price on shares of Site Centers from $5.00 to $3.50 and set a “neutral” rating for the company in a report on Tuesday, August 4th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $6.75.

Site Centers Stock Up 0.8%

SITC stock opened at $3.15 on Friday. Site Centers has a 52 week low of $2.89 and a 52 week high of $12.39. The firm has a market capitalization of $165.56 million, a P/E ratio of 1.31 and a beta of 0.99. The company has a fifty day simple moving average of $4.42 and a two-hundred day simple moving average of $5.32.

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

Site Centers Announces Dividend

The business also recently announced a special dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were paid a dividend of $1.00 per share. Site Centers’s dividend payout ratio is currently 21.58%.

Institutional Investors Weigh In On Site Centers

Large investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. boosted its holdings in shares of Site Centers by 315,970.1% in the first quarter. Bessemer Group Inc. now owns 635,301 shares of the company’s stock valued at $3,431,000 after purchasing an additional 635,100 shares during the period. Rush Island Management LP raised its position in Site Centers by 11.4% during the 1st quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock valued at $24,007,000 after purchasing an additional 456,032 shares in the last quarter. Kore Advisors LP purchased a new stake in shares of Site Centers in the 1st quarter worth $4,304,000. Jefferies Financial Group Inc. lifted its holdings in shares of Site Centers by 34.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 1,819,088 shares of the company’s stock worth $11,679,000 after buying an additional 464,892 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Site Centers by 150.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 654,465 shares of the company’s stock worth $4,202,000 after buying an additional 393,571 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other 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.