Site Centers (NYSE:SITC) Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded Site Centers to a hold rating, while other recent analyst actions remain cautious, including a sell rating from Weiss Ratings and a neutral view from Piper Sandler.
• The stock was trading at $4.25, near its 52-week low of $3.91 and well below its 52-week high of $12.39; MarketBeat data shows a consensus rating of Reduce with an average target price of $7.50.
• Site Centers recently beat quarterly expectations, reporting EPS of $0.02 versus estimates for a loss, and revenue of $13.02 million versus $10.20 million expected.

Site Centers (NYSE:SITC - Get Free Report) was upgraded by Zacks Research to a "hold" rating in a note issued to investors on Wednesday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Site Centers in a research report on Wednesday, June 24th. Wall Street Zen lowered Site Centers from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Piper Sandler set a $5.00 price target on Site Centers and gave the stock a "neutral" rating in a research note on Tuesday. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $7.50.

Site Centers Price Performance

Shares of Site Centers stock opened at $4.25 on Wednesday. The firm's fifty day simple moving average is $4.75 and its 200-day simple moving average is $5.51. Site Centers has a 12 month low of $3.91 and a 12 month high of $12.39. The stock has a market capitalization of $223.26 million, a price-to-earnings ratio of 1.28 and a beta of 1.00.

Site Centers (NYSE:SITC - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.13. Site Centers had a net margin of 212.95% and a return on equity of 47.95%. The firm had revenue of $13.02 million during the quarter, compared to analysts' expectations of $10.20 million. Analysts anticipate that Site Centers will post -0.15 earnings per share for the current year.

Institutional Investors Weigh In On Site Centers

Hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in Site Centers by 11.5% during the 1st quarter. Royal Bank of Canada now owns 139,626 shares of the company's stock worth $1,793,000 after purchasing an additional 14,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Site Centers by 4.4% during 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 period. Goldman Sachs Group Inc. grew its holdings in Site Centers by 88.5% during the first quarter. Goldman Sachs Group Inc. now owns 725,279 shares of the company's stock worth $9,313,000 after acquiring an additional 340,452 shares during the period. Jane Street Group LLC purchased a new position in Site Centers in the first quarter worth $4,023,000. Finally, Strs Ohio purchased a new position in Site Centers in the first quarter worth $114,000. Institutional investors and hedge funds own 88.70% of the company's stock.

About Site Centers

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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