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

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

A number of other research firms have also recently weighed in on SITC. Wells Fargo & Company lowered their price objective on SITE Centers from $17.00 to $14.50 and set an "equal weight" rating for the company in a research report on Wednesday, March 26th. Piper Sandler lowered their price target on SITE Centers from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $35.25.

SITE Centers Price Performance

SITE Centers stock traded up $0.08 during midday trading on Friday, reaching $11.99. 50,898 shares of the stock traded hands, compared to its average volume of 840,218. The stock's fifty day moving average is $12.01 and its 200-day moving average is $13.90. SITE Centers has a 12 month low of $10.45 and a 12 month high of $32.22. The stock has a market cap of $628.76 million, a P/E ratio of 0.88 and a beta of 1.32. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.02). The firm had revenue of $40.35 million for the quarter, compared to analysts' expectations of $33.50 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company's revenue for the quarter was down 66.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.28 earnings per share. As a group, equities research analysts anticipate that SITE Centers will post 3.24 EPS for the current year.

Institutional Investors Weigh In On SITE Centers

Several institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. acquired a new position in shares of SITE Centers during the 4th quarter worth approximately $34,297,000. Invesco Ltd. boosted its holdings in shares of SITE Centers by 777.4% during the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company's stock worth $32,432,000 after purchasing an additional 1,879,351 shares during the last quarter. Conversant Capital LLC boosted its holdings in shares of SITE Centers by 506.4% during the 1st quarter. Conversant Capital LLC now owns 1,940,579 shares of the company's stock worth $24,917,000 after purchasing an additional 1,620,579 shares during the last quarter. Irenic Capital Management LP acquired a new position in shares of SITE Centers during the 1st quarter worth approximately $18,911,000. Finally, Rush Island Management LP boosted its holdings in shares of SITE Centers by 161.0% during the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company's stock worth $24,193,000 after purchasing an additional 976,110 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

About SITE Centers

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.