Piper Sandler Cuts Site Centers (NYSE:SITC) Price Target to $5.50
by Michael Walen · The Markets DailySite Centers (NYSE:SITC – Free Report) had its target price reduced by Piper Sandler from $6.50 to $5.50 in a report issued on Wednesday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.
SITC has been the topic of several other reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Site Centers in a report on Friday, March 27th. Wall Street Zen upgraded Site Centers from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. 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, Site Centers currently has a consensus rating of “Reduce” and an average price target of $7.75.
View Our Latest Analysis on SITC
Site Centers Stock Performance
Shares of NYSE SITC opened at $5.41 on Wednesday. The firm has a fifty day moving average of $6.04 and a 200 day moving average of $6.97. The firm has a market cap of $283.55 million, a PE ratio of 1.61 and a beta of 1.09. Site Centers has a one year low of $5.24 and a one year high of $13.10.
Site Centers (NYSE:SITC – Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $2.79. The business had revenue of $17.51 million for the quarter, compared to analyst estimates of $22.39 million. Site Centers had a net margin of 156.72% and a return on equity of 43.13%. On average, equities analysts predict that Site Centers will post 3.24 EPS for the current fiscal year.
Hedge Funds Weigh In On Site Centers
Institutional investors and hedge funds have recently bought and sold shares of the business. Aristides Capital LLC purchased a new stake in Site Centers during the 4th quarter valued at about $204,000. DGS Capital Management LLC purchased a new position in Site Centers in the 4th quarter worth approximately $143,000. Mercer Global Advisors Inc. ADV lifted its stake in Site Centers by 65.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 29,619 shares of the company’s stock worth $190,000 after purchasing an additional 11,680 shares in the last quarter. Rush Island Management LP boosted its holdings in shares of Site Centers by 19.8% during the 4th quarter. Rush Island Management LP now owns 3,989,634 shares of the company’s stock worth $25,613,000 after purchasing an additional 659,269 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Site Centers by 2,101.6% during the 4th quarter. Millennium Management LLC now owns 1,257,419 shares of the company’s stock worth $8,073,000 after purchasing an additional 1,200,306 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.
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.