Site Centers (NYSE:SITC) Price Target Cut to $3.50 by Analysts at Piper Sandler

Site Centers (NYSE:SITC) had its price target reduced by Piper Sandler from $5.00 to $3.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 6.03% from the company’s current price.

A number of other research firms also recently issued reports on SITC. Zacks Research upgraded Site Centers to a “hold” rating in a research note on Wednesday, July 22nd. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Finally, Wall Street Zen cut shares of Site Centers from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $6.75.

Site Centers Stock Performance

NYSE:SITC opened at $3.30 on Tuesday. Site Centers has a 1 year low of $3.30 and a 1 year high of $12.39. The stock has a market cap of $173.20 million, a P/E ratio of 0.99 and a beta of 0.99. The stock has a 50-day simple moving average of $4.59 and a 200-day simple moving average of $5.40.

Site Centers (NYSE:SITC) last issued its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.13. The business had revenue of $13.02 million for the quarter, compared to analyst estimates of $10.20 million. Site Centers had a return on equity of 47.95% and a net margin of 212.95%. On average, equities research analysts predict that Site Centers will post -0.15 EPS for the current year.

Institutional Trading of Site Centers

A number of institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its position in Site Centers by 3,546.9% during the first quarter. Parallel Advisors LLC now owns 8,242 shares of the company’s stock worth $45,000 after buying an additional 8,016 shares during the period. Bank of America Corp DE lifted its position in shares of Site Centers by 67.1% during the 1st quarter. Bank of America Corp DE now owns 248,854 shares of the company’s stock valued at $1,344,000 after acquiring an additional 99,934 shares during the period. Rush Island Management LP lifted 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 valued at $24,007,000 after acquiring an additional 456,032 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Site Centers by 22.6% during the 1st quarter. Quantinno Capital Management LP now owns 83,597 shares of the company’s stock worth $451,000 after acquiring an additional 15,427 shares in the last quarter. Finally, Modern Wealth Management LLC purchased a new stake in shares of Site Centers during the 1st quarter worth approximately $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.