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 on Saturday.

SITC has been the topic of several other research reports. Piper Sandler reduced their price objective on SITE Centers from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Wells Fargo & Company cut their price target on SITE Centers from $17.00 to $14.50 and set an "equal weight" rating on the stock in a research note on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $35.25.

SITE Centers Stock Performance

Shares of SITE Centers stock traded up $0.41 during midday trading on Friday, hitting $12.02. The company had a trading volume of 690,220 shares, compared to its average volume of 911,142. The stock has a market cap of $630.13 million, a PE ratio of 0.88 and a beta of 1.32. SITE Centers has a 1-year low of $10.46 and a 1-year high of $64.44. The business's 50 day simple moving average is $12.04 and its two-hundred day simple moving average is $13.92. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

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

Hedge Funds Weigh In On SITE Centers

Several hedge funds have recently added to or reduced their stakes in SITC. Vanguard Group Inc. increased its position in shares of SITE Centers by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company's stock valued at $111,556,000 after buying an additional 675,190 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in shares of SITE Centers during the fourth quarter worth about $34,297,000. Invesco Ltd. lifted its holdings in shares of SITE Centers by 3.9% during the 1st quarter. Invesco Ltd. now owns 2,203,583 shares of the company's stock valued at $28,294,000 after purchasing an additional 82,469 shares in the last quarter. Conversant Capital LLC grew its position in shares of SITE Centers by 506.4% in the 1st quarter. Conversant Capital LLC now owns 1,940,579 shares of the company's stock valued at $24,917,000 after purchasing an additional 1,620,579 shares during the period. Finally, Rush Island Management LP increased its stake in 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 in the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

SITE Centers Company Profile

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.