Short Interest in SITE Centers Corp. (NYSE:SITC) Decreases By 12.5%

SITE Centers Corp. (NYSE:SITC) was the recipient of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 4,210,000 shares, a decline of 12.5% from the February 28th total of 4,810,000 shares. Based on an average daily trading volume, of 1,060,000 shares, the short-interest ratio is currently 4.0 days. Approximately 8.5% of the company’s stock are short sold.

SITE Centers Stock Performance

SITE Centers stock traded down $0.71 during mid-day trading on Thursday, reaching $12.17. The company’s stock had a trading volume of 221,533 shares, compared to its average volume of 866,261. 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 has a twelve month low of $11.87 and a twelve month high of $64.44. The business has a 50 day moving average price of $13.97 and a 200-day moving average price of $18.59. The firm has a market cap of $638.07 million, a price-to-earnings ratio of 0.89 and a beta of 1.63.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). The business had revenue of $32.87 million during the quarter, compared to analyst estimates of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. Sell-side analysts predict that SITE Centers will post 3.24 EPS for the current fiscal year.

Institutional Trading of SITE Centers

A number of institutional investors and hedge funds have recently made changes to their positions in SITC. KBC Group NV grew its stake in SITE Centers by 170.4% during the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after buying an additional 2,193 shares during the last quarter. Covestor Ltd grew its position in shares of SITE Centers by 483.2% during the fourth quarter. Covestor Ltd now owns 3,756 shares of the company’s stock worth $57,000 after acquiring an additional 3,112 shares during the last quarter. Vestcor Inc acquired a new stake in shares of SITE Centers in the 3rd quarter worth about $95,000. Van ECK Associates Corp increased its holdings in shares of SITE Centers by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock worth $138,000 after acquiring an additional 833 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new stake in SITE Centers in the 4th quarter valued at about $148,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their price objective on SITE Centers from $17.00 to $14.50 and set an “equal weight” rating on the stock in a report on Wednesday, March 26th. Citigroup reduced their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Finally, Piper Sandler dropped their price target on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $35.25.

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.