Piper Sandler Downgrades Site Centers (NYSE:SITC) to Neutral

Site Centers (NYSE:SITC) was downgraded by investment analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued to investors on Friday.

A number of other analysts also recently issued reports on the company. Wall Street Zen downgraded Site Centers from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $10.83.

Site Centers Stock Performance

Shares of Site Centers stock traded down $0.65 during mid-day trading on Friday, hitting $6.11. 1,210,830 shares of the stock were exchanged, compared to its average volume of 861,404. Site Centers has a 12 month low of $5.97 and a 12 month high of $14.24. The company has a 50-day simple moving average of $6.38 and a 200 day simple moving average of $7.90. The company has a market capitalization of $320.27 million, a P/E ratio of 10.90 and a beta of 1.09. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.59 and a current ratio of 1.59.

Site Centers (NYSE:SITC) last released its earnings results on Thursday, February 26th. The company reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $2.79. Site Centers had a return on equity of 8.21% and a net margin of 29.19%.The company had revenue of $17.51 million for the quarter, compared to analysts’ expectations of $22.39 million. Sell-side analysts anticipate that Site Centers will post 3.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Site Centers

A number of institutional investors and hedge funds have recently modified their holdings of the company. Pensionfund Sabic purchased a new position in shares of Site Centers during the 4th quarter valued at $32,000. Federated Hermes Inc. lifted its position in shares of Site Centers by 1,792.1% in the third quarter. Federated Hermes Inc. now owns 4,560 shares of the company’s stock valued at $41,000 after acquiring an additional 4,319 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Site Centers by 4,078.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,761 shares of the company’s stock valued at $43,000 after acquiring an additional 3,671 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Site Centers by 380.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock worth $45,000 after acquiring an additional 5,535 shares during the period. Finally, Pensionfund PDN purchased a new stake in shares of Site Centers during the fourth quarter worth about $48,000. 88.70% of the stock is currently owned by hedge funds and other 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.