Site Centers (NYSE:SITC – Get Free Report) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Thursday,Zacks.com reports.
SITC has been the subject of a number of other research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Wall Street Zen upgraded Site Centers from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Piper Sandler dropped their price target on Site Centers from $5.00 to $3.50 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Site Centers currently has an average rating of “Reduce” and an average price target of $6.75.
Get Our Latest Stock Analysis on Site Centers
Site Centers Stock Up 1.3%
Site Centers (NYSE:SITC – Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.08. The firm had revenue of $6.85 million for the quarter, compared to the consensus estimate of $8.20 million. Site Centers had a net margin of 219.18% and a return on equity of 40.56%. As a group, equities research analysts expect that Site Centers will post -0.29 EPS for the current year.
Hedge Funds Weigh In On Site Centers
Several large investors have recently modified their holdings of SITC. BlackRock Inc. acquired a new position in shares of Site Centers in the 2nd quarter valued at $20,004,000. Rush Island Management LP increased its position in shares of Site Centers by 11.4% during the 1st 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. Alyeska Investment Group L.P. acquired a new stake in shares of Site Centers during the 2nd quarter worth about $6,424,000. Cohen & Steers Inc. raised its holdings in Site Centers by 129.8% in the 4th quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company’s stock valued at $17,196,000 after buying an additional 1,512,817 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Site Centers by 176.0% in the 1st quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company’s stock valued at $12,217,000 after buying an additional 1,442,755 shares during the period. 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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