Site Centers (NYSE:SITC) Releases Earnings Results, Beats Estimates By $0.02 EPS

Site Centers (NYSE:SITC) issued its quarterly earnings results on Monday. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02, Zacks reports. Site Centers had a return on equity of 47.95% and a net margin of 212.95%.

Site Centers Stock Down 22.9%

SITC traded down $0.98 during midday trading on Monday, reaching $3.30. 1,206,025 shares of the company’s stock were exchanged, compared to its average volume of 846,070. The business has a 50-day simple moving average of $4.63 and a two-hundred day simple moving average of $5.42. The firm has a market capitalization of $173.22 million, a price-to-earnings ratio of 0.99 and a beta of 1.00. Site Centers has a one year low of $3.30 and a one year high of $12.39.

Site Centers Announces Dividend

The firm also recently declared a special dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were given a $1.00 dividend. Site Centers’s dividend payout ratio (DPR) is presently 15.66%.

Institutional Trading of Site Centers

A number of large investors have recently bought and sold shares of SITC. Royal Bank of Canada grew its holdings in shares of Site Centers by 11.5% in the 1st quarter. Royal Bank of Canada now owns 139,626 shares of the company’s stock worth $1,793,000 after purchasing an additional 14,395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Site Centers by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,217 shares of the company’s stock valued at $362,000 after purchasing an additional 1,185 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Site Centers by 88.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 725,279 shares of the company’s stock valued at $9,313,000 after purchasing an additional 340,452 shares during the last quarter. Jane Street Group LLC acquired a new position in Site Centers in the first quarter valued at about $4,023,000. Finally, Strs Ohio bought a new stake in Site Centers during the first quarter worth about $114,000. 88.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on SITC shares. Wall Street Zen downgraded shares of Site Centers from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Piper Sandler set a $5.00 target price on shares of Site Centers and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Zacks Research raised Site Centers to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a research note on Wednesday, June 24th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $7.50.

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.