Site Centers (NYSE:SITC) Shares Down 0.9% – Time to Sell?

Site Centers Corp. (NYSE:SITC)’s share price traded down 0.9% during trading on Monday . The company traded as low as $4.69 and last traded at $4.7250. 687,705 shares were traded during mid-day trading, an increase of 8% from the average session volume of 635,509 shares. The stock had previously closed at $4.77.

Wall Street Analyst Weigh In

Several research firms have issued reports on SITC. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a report on Friday, March 27th. Wall Street Zen downgraded Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Piper Sandler lifted their price objective on Site Centers from $5.50 to $6.00 and gave the company a “neutral” rating in a research report on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $8.00.

Site Centers Stock Up 1.2%

The stock has a market capitalization of $250.54 million, a PE ratio of 1.44 and a beta of 0.97. The stock’s 50 day moving average price is $5.25 and its 200-day moving average price is $5.87.

Site Centers (NYSE:SITC) last released its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, beating 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 company had revenue of $13.02 million for the quarter, compared to analysts’ expectations of $10.20 million.

Institutional Trading of Site Centers

Several institutional investors have recently made changes to their positions in SITC. Parallel Advisors LLC raised its stake in Site Centers by 3,546.9% during the 1st quarter. Parallel Advisors LLC now owns 8,242 shares of the company’s stock valued at $45,000 after purchasing an additional 8,016 shares during the period. Bank of America Corp DE boosted its stake in Site Centers by 67.1% in the 1st quarter. Bank of America Corp DE now owns 248,854 shares of the company’s stock worth $1,344,000 after purchasing an additional 99,934 shares during the period. Rush Island Management LP grew its holdings in Site Centers by 11.4% during the 1st quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock valued at $24,007,000 after buying an additional 456,032 shares in the last quarter. Quantinno Capital Management LP grew its holdings in Site Centers by 22.6% during the 1st quarter. Quantinno Capital Management LP now owns 83,597 shares of the company’s stock valued at $451,000 after buying an additional 15,427 shares in the last quarter. Finally, Modern Wealth Management LLC purchased a new position in Site Centers during the first quarter valued at $94,000. Hedge funds and other institutional investors 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.