Site Centers (NYSE:SITC) Announces Quarterly Earnings Results

Site Centers (NYSE:SITC) announced its quarterly earnings results on Thursday. The company reported $2.55 EPS for the quarter, beating the consensus estimate of ($0.24) by $2.79, FiscalAI reports. The company had revenue of $17.51 million for the quarter, compared to analyst estimates of $22.39 million. Site Centers had a net margin of 29.19% and a return on equity of 8.21%.

Site Centers Price Performance

NYSE:SITC traded up $0.13 during mid-day trading on Thursday, reaching $6.77. 457,237 shares of the stock were exchanged, compared to its average volume of 866,583. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.81. The business has a fifty day moving average price of $6.37 and a 200 day moving average price of $7.90. Site Centers has a 1-year low of $5.97 and a 1-year high of $14.24. The firm has a market capitalization of $355.15 million, a PE ratio of 12.09 and a beta of 1.09.

Site Centers Dividend Announcement

The company also recently announced a special dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Monday, December 15th.

Institutional Trading of Site Centers

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rush Island Management LP lifted its stake in Site Centers by 19.8% during the fourth quarter. Rush Island Management LP now owns 3,989,634 shares of the company’s stock valued at $25,613,000 after purchasing an additional 659,269 shares during the last quarter. Cohen & Steers Inc. increased its holdings in shares of Site Centers by 129.8% in the fourth quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company’s stock valued at $17,196,000 after buying an additional 1,512,817 shares in the last quarter. Gumshoe Capital Management LLC acquired a new stake in shares of Site Centers during the 4th quarter valued at $14,278,000. Nuveen LLC lifted its position in shares of Site Centers by 32.4% during the 4th quarter. Nuveen LLC now owns 1,995,706 shares of the company’s stock valued at $12,812,000 after acquiring an additional 488,463 shares during the last quarter. Finally, Newtyn Management LLC boosted its stake in shares of Site Centers by 76.1% during the 3rd quarter. Newtyn Management LLC now owns 1,936,630 shares of the company’s stock worth $17,449,000 after acquiring an additional 836,630 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a report on Monday, December 29th. Piper Sandler reissued an “overweight” rating and issued a $8.00 price target (down from $10.00) on shares of Site Centers in a research note on Monday, January 5th. Finally, Wall Street Zen lowered Site Centers from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Site Centers has an average rating of “Hold” and a consensus price target of $10.83.

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.