Site Centers (NYSE:SITC) Issues Quarterly Earnings Results

Site Centers (NYSE:SITC) released its quarterly earnings data on Monday. The company reported ($0.09) earnings per share for the quarter, beating 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 Trading Down 22.9%

SITC traded down $0.98 on Monday, hitting $3.30. 1,203,309 shares of the company’s stock were exchanged, compared to its average volume of 846,062. The firm has a 50-day moving average price of $4.63 and a 200-day moving average price of $5.42. The stock has a market cap of $173.22 million, a price-to-earnings ratio of 0.99 and a beta of 1.00. Site Centers has a fifty-two week low of $3.30 and a fifty-two week high of $12.39.

Site Centers Dividend Announcement

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

Hedge Funds Weigh In On Site Centers

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SITC shares. Zacks Research raised Site Centers to a “hold” rating in a report on Wednesday, July 22nd. Wall Street Zen cut shares of Site Centers from a “hold” rating to a “sell” rating in a research note 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. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a research report on Wednesday, June 24th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Site Centers presently has an average rating of “Reduce” and an average target price of $7.50.

Site Centers Company Profile

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.