Site Centers (NYSE:SITC) Stock Moved Down to Sell by Wall Street Zen

Wall Street Zen cut shares of Site Centers (NYSE:SITC) from a hold rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

SITC has been the subject of several other reports. Zacks Research cut shares of Site Centers from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 20th. Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a report on Monday, September 21st. Finally, Piper Sandler cut their price target on shares of Site Centers from $5.00 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Sell” and a consensus price target of $3.50.

Site Centers Price Performance

Shares of SITC stock opened at $0.67 on Friday. The stock has a market capitalization of $35.12 million, a PE ratio of 0.27 and a beta of 0.96. The business’s 50 day simple moving average is $3.18 and its 200 day simple moving average is $4.62. Site Centers has a one year low of $0.59 and a one year high of $7.49.

Site Centers (NYSE:SITC) last released its quarterly earnings results on Monday, November 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. The firm had revenue of $4.47 million during the quarter, compared to analyst estimates of $5.70 million. Site Centers had a net margin of 334.85% and a return on equity of 41.84%.

Site Centers Dividend Announcement

The firm also recently announced a special dividend, which was paid on Thursday, November 5th. Shareholders of record on Tuesday, October 27th were issued a $3.00 dividend.

Hedge Funds Weigh In On Site Centers

Institutional investors have recently added to or reduced their stakes in the business. Bell Investment Advisors Inc acquired a new stake in shares of Site Centers during the 3rd quarter worth approximately $25,000. Integrated Wealth Concepts LLC bought a new stake in shares of Site Centers in the 2nd quarter valued at $26,000. WealthCollab LLC lifted its position in shares of Site Centers by 950.8% during the 1st quarter. WealthCollab LLC now owns 5,296 shares of the company’s stock valued at $29,000 after acquiring an additional 4,792 shares during the period. Parallel Advisors LLC lifted its position in shares of 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 acquiring an additional 8,016 shares during the period. Finally, Seven Mile Advisory acquired a new position in shares of Site Centers during the 3rd quarter valued at $52,000. 88.70% of the stock is owned by institutional investors and hedge funds.

About Site Centers

SITE Centers Corp. (NYSE: SITC) is a self-administered and self-managed real estate investment trust that owns, operates and leases open-air shopping centers in the United States. Its properties are generally located in suburban communities and are designed to serve everyday consumer needs.

The company’s portfolio includes grocery-anchored and other multi-tenant retail centers occupied by a mix of national, regional and local retailers, restaurants, service providers and other consumer-focused businesses.