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

Key Points

• Wall Street Zen upgraded Site Centers from “sell” to “hold,” while the broader analyst consensus remains “Reduce” with a $6.75 price target.
• Site Centers shares opened at $3.15, well below their 52-week high of $12.39; the stock’s 50-day and 200-day moving averages were $4.42 and $5.32, respectively.
• The company beat quarterly EPS estimates, reporting a loss of $0.03 per share versus expectations of a $0.11 loss, but revenue of $6.85 million fell short of the $8.20 million forecast. Institutional investors own 88.7% of the stock.

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

SITC has been the topic of a number of other research reports. Zacks Research raised Site Centers to a "hold" rating in a report on Wednesday, July 22nd. Piper Sandler reduced their price objective on Site Centers from $5.00 to $3.50 and set a "neutral" rating for the company in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Site Centers in a research report on Wednesday, June 24th. Three 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, Site Centers has an average rating of "Reduce" and a consensus price target of $6.75.

Site Centers Price Performance

Shares of NYSE:SITC opened at $3.15 on Friday. The stock has a market cap of $165.54 million, a P/E ratio of 1.31 and a beta of 0.99. The firm has a fifty day moving average price of $4.42 and a 200 day moving average price of $5.32. Site Centers has a 1-year low of $2.89 and a 1-year high of $12.39.

Site Centers (NYSE:SITC - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.11) by $0.08. The company had revenue of $6.85 million for the quarter, compared to analyst estimates of $8.20 million. Site Centers had a net margin of 219.18% and a return on equity of 40.56%. Sell-side analysts expect that Site Centers will post -0.29 EPS for the current fiscal year.

Institutional Trading of Site Centers

Several hedge funds have recently made changes to their positions in SITC. BlackRock Inc. acquired a new position in shares of Site Centers during the second quarter worth about $89,000. Deutsche Bank AG purchased a new position in Site Centers during the second quarter worth about $218,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Site Centers in the second quarter valued at about $142,000. Bank of New York Mellon Corp acquired a new stake in Site Centers in the second quarter valued at about $921,000. Finally, State of Wyoming acquired a new stake in Site Centers in the second quarter valued at about $107,000. Institutional investors and hedge funds own 88.70% of the company's stock.

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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