SITE Centers (NYSE:SITC) Issues Earnings Results, Beats Expectations By $0.87 EPS

SITE Centers (NYSE:SITC) announced its quarterly earnings results on Tuesday. The company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.87, Yahoo Finance reports. SITE Centers had a net margin of 43.36% and a return on equity of 11.83%. The firm had revenue of $113.48 million for the quarter, compared to the consensus estimate of $113.23 million. During the same period in the prior year, the firm posted $0.29 earnings per share. The firm’s quarterly revenue was down 16.5% compared to the same quarter last year.

SITE Centers Trading Down 3.5 %

Shares of SITC traded down $0.56 during trading on Wednesday, reaching $15.45. 3,514,229 shares of the company traded hands, compared to its average volume of 1,894,571. SITE Centers has a twelve month low of $10.88 and a twelve month high of $16.11. The stock has a market cap of $3.24 billion, a PE ratio of 15.70 and a beta of 1.64. The stock has a 50-day simple moving average of $14.70 and a 200-day simple moving average of $14.19. The company has a quick ratio of 3.54, a current ratio of 3.54 and a debt-to-equity ratio of 0.80.

SITE Centers’s stock is set to reverse split before the market opens on Monday, August 19th. The 1-4 reverse split was announced on Monday, August 19th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, August 19th.

SITE Centers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Tuesday, June 18th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Tuesday, June 18th. SITE Centers’s dividend payout ratio is presently 50.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SITC shares. Piper Sandler upped their price objective on shares of SITE Centers from $16.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wells Fargo & Company upped their price objective on shares of SITE Centers from $15.50 to $16.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, SITE Centers presently has an average rating of “Hold” and an average target price of $15.00.

Insider Transactions at SITE Centers

In other news, Director Alexander Otto sold 82,984 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $14.40, for a total transaction of $1,194,969.60. Following the completion of the sale, the director now owns 18,544,314 shares in the company, valued at approximately $267,038,121.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 1,578,775 shares of company stock worth $22,785,354. 10.10% of the stock is currently owned by insiders.

SITE Centers Company Profile

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.