Site Centers (NYSE:SITC) Downgraded by Wall Street Zen to "Sell"

Site Centers (NYSE:SITC - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

A number of other brokerages have also recently weighed in on SITC. Piper Sandler boosted their price objective on Site Centers from $5.50 to $6.00 and gave the company a "neutral" rating in a research note on Wednesday, April 22nd. Weiss Ratings restated a "sell (d)" rating on shares of Site Centers in a research report on Friday, March 27th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $8.00.

Site Centers Stock Performance

Shares of SITC stock opened at $5.56 on Friday. The stock's 50-day moving average is $5.64 and its two-hundred day moving average is $6.44. Site Centers has a 1 year low of $5.24 and a 1 year high of $13.10. The firm has a market cap of $291.42 million, a price-to-earnings ratio of 1.67 and a beta of 1.01.

Site Centers (NYSE:SITC - Get Free Report) last posted its earnings results 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 business had revenue of $9.37 million during the quarter, compared to the consensus estimate of $10.20 million. Site Centers had a return on equity of 46.66% and a net margin of 212.95%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in Site Centers by 11.5% during the 1st quarter. Royal Bank of Canada now owns 139,626 shares of the company's stock valued at $1,793,000 after buying an additional 14,395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Site Centers by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,217 shares of the company's stock worth $362,000 after acquiring an additional 1,185 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Site Centers by 88.5% in the first quarter. Goldman Sachs Group Inc. now owns 725,279 shares of the company's stock valued at $9,313,000 after acquiring an additional 340,452 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Site Centers in the first quarter valued at $4,023,000. Finally, Strs Ohio acquired a new stake in shares of Site Centers during the first quarter valued at $114,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.

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