Site Centers (NYSE:SITC) Downgraded by Zacks Research to “Strong Sell”

Zacks Research downgraded shares of Site Centers (NYSE:SITC) from a hold rating to a strong sell rating in a research report released on Thursday,Zacks.com reports.

Several other analysts also recently commented on the company. Wall Street Zen upgraded Site Centers from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Piper Sandler lowered their price target on Site Centers from $5.00 to $3.50 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a research report on Wednesday, June 24th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $6.75.

Site Centers Stock Performance

Shares of NYSE SITC opened at $3.06 on Thursday. The firm’s 50 day moving average price is $4.03 and its 200-day moving average price is $5.10. Site Centers has a 52-week low of $2.89 and a 52-week high of $12.39. The company has a market cap of $160.56 million, a PE ratio of 1.27 and a beta of 0.99.

Site Centers (NYSE:SITC) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.08. Site Centers had a net margin of 219.18% and a return on equity of 40.56%. The company had revenue of $6.85 million during the quarter, compared to the consensus estimate of $8.20 million. On average, analysts forecast that Site Centers will post -0.29 earnings per share for the current fiscal year.

Site Centers Dividend Announcement

The business also recently announced a special dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were given a $1.00 dividend.

Hedge Funds Weigh In On Site Centers

Hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. increased its position in Site Centers by 315,970.1% during the first quarter. Bessemer Group Inc. now owns 635,301 shares of the company’s stock valued at $3,431,000 after acquiring an additional 635,100 shares during the last quarter. Rush Island Management LP boosted its position in Site Centers by 11.4% in the first quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock worth $24,007,000 after purchasing an additional 456,032 shares during the last quarter. Kore Advisors LP bought a new stake in shares of Site Centers during the 1st quarter valued at about $4,304,000. Jefferies Financial Group Inc. grew its position in Site Centers by 34.3% during the fourth quarter. Jefferies Financial Group Inc. now owns 1,819,088 shares of the company’s stock valued at $11,679,000 after buying an additional 464,892 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Site Centers by 150.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 654,465 shares of the company’s stock valued at $4,202,000 after acquiring an additional 393,571 shares during the period. 88.70% of the stock is owned by institutional investors.

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.