Site Centers (NYSE:SITC) Stock Price Down 0.9% – Here’s Why

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

Analyst Ratings Changes

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

Site Centers Trading Down 0.9%

The company’s 50 day moving average price is $5.26 and its two-hundred day moving average price is $5.88. The stock has a market cap of $247.92 million, a P/E ratio of 1.42 and a beta of 0.97.

Site Centers (NYSE:SITC) last announced its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $10.20 million.

Hedge Funds Weigh In On Site Centers

A number of institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC increased its position in Site Centers by 3,546.9% in 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 in the last quarter. Bank of America Corp DE grew its stake 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 increased its holdings in Site Centers by 11.4% in the 1st quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock worth $24,007,000 after acquiring an additional 456,032 shares in the last quarter. Quantinno Capital Management LP raised its stake in 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 during the period. Finally, Modern Wealth Management LLC purchased a new position in Site Centers during the first quarter valued at approximately $94,000. 88.70% of the stock is owned by institutional investors.

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.