Site Centers (NYSE:SITC) Stock Rating Lowered by Wall Street Zen

Site Centers (NYSE:SITC) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

SITC has been the subject of a number of other research reports. LADENBURG THALM/SH SH initiated coverage on Site Centers in a report on Tuesday, September 9th. They issued a “neutral” rating and a $10.00 target price for the company. Piper Sandler set a $12.00 price target on shares of Site Centers and gave the company an “overweight” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Site Centers in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $13.13.

Site Centers Stock Performance

Shares of SITC stock opened at $7.27 on Friday. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. The stock has a 50 day simple moving average of $8.70 and a 200-day simple moving average of $10.70. The company has a market cap of $381.45 million, a price-to-earnings ratio of 1.08 and a beta of 1.38. Site Centers has a 12-month low of $6.89 and a 12-month high of $16.51.

Institutional Investors Weigh In On Site Centers

Several institutional investors and hedge funds have recently made changes to their positions in SITC. Conversant Capital LLC lifted its holdings in Site Centers by 506.4% in the 1st quarter. Conversant Capital LLC now owns 1,940,579 shares of the company’s stock valued at $24,917,000 after purchasing an additional 1,620,579 shares in the last quarter. Irenic Capital Management LP purchased a new stake in shares of Site Centers during the first quarter worth about $18,911,000. Nuveen LLC acquired a new position in shares of Site Centers in the first quarter valued at approximately $6,360,000. Qube Research & Technologies Ltd raised its position in shares of Site Centers by 667.8% in the second quarter. Qube Research & Technologies Ltd now owns 481,215 shares of the company’s stock valued at $5,443,000 after buying an additional 418,544 shares during the last quarter. Finally, Rush Island Management LP lifted its stake in shares of Site Centers by 16.9% during the second quarter. Rush Island Management LP now owns 2,749,546 shares of the company’s stock valued at $31,097,000 after buying an additional 398,094 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

About Site Centers

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.