SITE Centers (NYSE:SITC) Shares Gap Down After Earnings Miss

SITE Centers Corp. (NYSE:SITC) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $14.54, but opened at $13.38. SITE Centers shares last traded at $14.04, with a volume of 150,928 shares changing hands.

The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). SITE Centers had a return on equity of 34.20% and a net margin of 164.10%.

Analyst Ratings Changes

SITC has been the topic of several research analyst reports. StockNews.com raised SITE Centers from a “hold” rating to a “buy” rating in a research report on Tuesday. Wells Fargo & Company cut 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. Citigroup reduced 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. Finally, Piper Sandler dropped their target price on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $35.75.

Insider Activity

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

Hedge Funds Weigh In On SITE Centers

Institutional investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC purchased a new position in shares of SITE Centers in the 3rd quarter valued at approximately $355,000. GSA Capital Partners LLP acquired a new stake in shares of SITE Centers during the third quarter worth $617,000. Quest Partners LLC grew its position in SITE Centers by 1,046.5% in the 3rd quarter. Quest Partners LLC now owns 30,394 shares of the company’s stock valued at $1,839,000 after buying an additional 27,743 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in SITE Centers in the 3rd quarter valued at $2,596,000. Finally, Landscape Capital Management L.L.C. purchased a new position in SITE Centers during the 3rd quarter worth $319,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Price Performance

The company has a market cap of $722.75 million, a price-to-earnings ratio of 1.01 and a beta of 1.60. The company’s 50 day moving average price is $15.03 and its 200 day moving average price is $33.06. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12.

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.