SITE Centers (NYSE:SITC) Shares Set to Reverse Split on Monday, August 19th

Shares of SITE Centers Corp. (NYSE:SITC) are going to reverse split on Monday, August 19th. The 1-4 reverse split was announced on Monday, August 19th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, August 19th.

SITE Centers Trading Down 0.3 %

Shares of SITE Centers stock opened at $15.27 on Thursday. The company has a fifty day simple moving average of $14.91 and a 200-day simple moving average of $14.30. SITE Centers has a 12-month low of $10.88 and a 12-month high of $16.11. The company has a current ratio of 7.36, a quick ratio of 3.54 and a debt-to-equity ratio of 0.70. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 14.97 and a beta of 1.64.

SITE Centers (NYSE:SITC) last issued its earnings results on Tuesday, July 30th. The company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.87. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The business had revenue of $113.48 million during the quarter, compared to analysts’ expectations of $113.23 million. During the same quarter in the prior year, the business posted $0.29 EPS. The company’s revenue for the quarter was down 16.5% on a year-over-year basis. On average, equities analysts forecast that SITE Centers will post 0.94 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of SITE Centers from $15.50 to $16.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Piper Sandler increased their price target on shares of SITE Centers from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $15.00.

Insiders Place Their Bets

In other news, Director Alexander Otto sold 242,573 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $14.71, for a total value of $3,568,248.83. Following the completion of the transaction, the director now owns 19,071,327 shares in the company, valued at approximately $280,539,220.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 1,578,775 shares of company stock worth $22,785,354. 10.10% of the stock is owned by insiders.

Hedge Funds Weigh In On SITE Centers

A number of large investors have recently made changes to their positions in SITC. New York State Teachers Retirement System increased its holdings in shares of SITE Centers by 2.3% in the 4th quarter. New York State Teachers Retirement System now owns 111,329 shares of the company’s stock valued at $1,517,000 after purchasing an additional 2,499 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in SITE Centers during the 4th quarter valued at about $1,228,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in SITE Centers by 4.0% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 212,045 shares of the company’s stock valued at $2,890,000 after acquiring an additional 8,110 shares in the last quarter. Federated Hermes Inc. increased its holdings in SITE Centers by 56.9% during the 4th quarter. Federated Hermes Inc. now owns 88,275 shares of the company’s stock valued at $1,203,000 after acquiring an additional 32,008 shares in the last quarter. Finally, Cornerstone Investment Partners LLC purchased a new position in SITE Centers during the 4th quarter valued at about $159,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

About SITE Centers

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.