SITE Centers Corp. (NYSE:SITC) Sees Significant Decrease in Short Interest

by · The Markets Daily

SITE Centers Corp. (NYSE:SITC – Get Free Report) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 916,500 shares, a decrease of 39.7% from the September 15th total of 1,520,000 shares. Based on an average daily volume of 787,700 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.9% of the shares of the stock are short sold.

SITE Centers Trading Down 0.8 %

Shares of NYSE:SITC opened at $17.21 on Friday. The company’s 50-day moving average price is $93.40 and its two-hundred day moving average price is $182.63. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 7.36. SITE Centers has a one year low of $16.50 and a one year high of $64.44. The stock has a market capitalization of $901.63 million, a PE ratio of 2.03 and a beta of 1.64.

SITE Centers (NYSE:SITC – Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, topping the consensus estimate of $3.84 by $13.92. The firm had revenue of $113.48 million for the quarter, compared to analysts’ expectations of $113.23 million. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The company’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.64 EPS. On average, equities analysts forecast that SITE Centers will post 3.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Piper Sandler raised their price objective on shares of SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Morgan Stanley raised their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Finally, Stifel Nicolaus increased their target price on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $110.54.

View Our Latest Report on SITE Centers

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Arizona State Retirement System grew its stake in SITE Centers by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock valued at $765,000 after buying an additional 976 shares during the last quarter. Vanderbilt University lifted its stake in SITE Centers by 10.0% in the 2nd quarter. Vanderbilt University now owns 12,378 shares of the company’s stock valued at $179,000 after purchasing an additional 1,126 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in SITE Centers by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock valued at $1,315,000 after purchasing an additional 1,500 shares during the last quarter. Chilton Capital Management LLC lifted its stake in SITE Centers by 384.0% in the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock valued at $28,000 after purchasing an additional 1,536 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in SITE Centers by 6.3% in the 2nd quarter. Van ECK Associates Corp now owns 29,065 shares of the company’s stock valued at $421,000 after acquiring an additional 1,723 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

About SITE Centers

(Get Free Report)

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.

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