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 research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts have also issued reports on the company. Piper Sandler dropped their target price on Site Centers from $5.00 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Zacks Research downgraded Site Centers from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 20th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a research note on Monday, September 21st. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Site Centers currently has an average rating of “Sell” and an average price target of $3.50.

Site Centers Trading Up 2.4%

SITC stock opened at $0.68 on Friday. The stock has a 50-day moving average price of $3.14 and a two-hundred day moving average price of $4.59. The stock has a market cap of $35.90 million, a PE ratio of 0.28 and a beta of 0.96. Site Centers has a 1 year low of $0.59 and a 1 year high of $7.49.

Site Centers (NYSE:SITC) last issued its quarterly earnings results on Monday, November 2nd. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $4.47 million for the quarter, compared to analyst estimates of $5.70 million. Site Centers had a return on equity of 41.84% and a net margin of 334.85%.

Site Centers Dividend Announcement

The firm also recently disclosed a special dividend, which was paid on Thursday, November 5th. Stockholders of record on Tuesday, October 27th were paid a dividend of $3.00 per share.

Hedge Funds Weigh In On Site Centers

Several hedge funds have recently modified their holdings of the stock. Avise Financial Cooperative Inc. acquired a new position in Site Centers during the third quarter valued at approximately $456,000. Russell Investments Group Ltd. grew its stake in Site Centers by 196.2% in the third quarter. Russell Investments Group Ltd. now owns 442,744 shares of the company’s stock valued at $1,492,000 after purchasing an additional 293,260 shares in the last quarter. Beverly Hills Private Wealth LLC acquired a new position in shares of Site Centers during the 3rd quarter worth approximately $4,461,000. Ullmann Wealth Partners Group LLC acquired a new position in shares of Site Centers during the 3rd quarter worth approximately $251,000. Finally, Bell Investment Advisors Inc acquired a new position in shares of Site Centers during the 3rd quarter worth approximately $25,000. Institutional investors own 88.70% of the company’s stock.

Site Centers Company Profile

SITE Centers Corp. (NYSE: SITC) is a self-administered and self-managed real estate investment trust that owns, operates and leases open-air shopping centers in the United States. Its properties are generally located in suburban communities and are designed to serve everyday consumer needs.

The company’s portfolio includes grocery-anchored and other multi-tenant retail centers occupied by a mix of national, regional and local retailers, restaurants, service providers and other consumer-focused businesses.