SITE Centers (NYSE:SITC) Posts Earnings Results, Misses Expectations By $0.07 EPS

SITE Centers (NYSE:SITC) released its quarterly earnings data on Thursday. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.07), Zacks reports. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%.

SITE Centers Stock Performance

SITC stock traded down $0.72 during midday trading on Thursday, reaching $13.83. 543,813 shares of the company’s stock traded hands, compared to its average volume of 757,450. The firm has a market capitalization of $724.84 million, a PE ratio of 1.01 and a beta of 1.60. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The company has a 50-day moving average price of $15.05 and a two-hundred day moving average price of $33.20. SITE Centers has a 52 week low of $13.30 and a 52 week high of $32.22.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SITC. Piper Sandler reduced their price target on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Citigroup decreased their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Wells Fargo & Company dropped their price objective on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Finally, StockNews.com raised shares of SITE Centers from a “hold” rating to a “buy” rating in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $35.75.

Insider Transactions at SITE Centers

In related news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the transaction, the chief executive officer now owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dawn M. Sweeney sold 3,768 shares of SITE Centers stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.54, for a total value of $58,554.72. Following the sale, the director now directly owns 29,082 shares of the company’s stock, valued at approximately $451,934.28. This trade represents a 11.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 181,457 shares of company stock valued at $2,791,693. 10.10% of the stock is owned by corporate 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.