SITE Centers Corp. (NYSE:SITC) Sees Large Decline in Short Interest

SITE Centers Corp. (NYSE:SITC) was the target of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 916,500 shares, a decline of 39.7% from the September 15th total of 1,520,000 shares. Based on an average daily volume of 787,700 shares, the short-interest ratio is presently 1.2 days. Approximately 1.9% of the company’s stock are short sold.

Analyst Ratings Changes

A number of brokerages have weighed in on SITC. StockNews.com started coverage on SITE Centers in a research report on Monday, October 7th. They issued a “buy” rating for the company. Evercore ISI raised SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Morgan Stanley increased their price target on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Finally, Truist Financial raised their target price on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $110.54.

SITE Centers Price Performance

NYSE SITC traded up $0.10 during trading on Friday, reaching $17.31. 1,278,982 shares of the company traded hands, compared to its average volume of 588,754. SITE Centers has a 1-year low of $16.50 and a 1-year high of $64.44. The company has a debt-to-equity ratio of 0.70, a quick ratio of 7.36 and a current ratio of 7.36. The stock’s 50 day moving average price is $88.82 and its two-hundred day moving average price is $181.19. The company has a market cap of $906.87 million, a price-to-earnings ratio of 2.04 and a beta of 1.64.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, beating the consensus estimate of $3.84 by $13.92. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The business had revenue of $113.48 million for the quarter, compared to analyst estimates of $113.23 million. During the same quarter in the previous year, the firm earned $4.64 EPS. SITE Centers’s quarterly revenue was down 16.5% on a year-over-year basis. As a group, analysts anticipate that SITE Centers will post 3.39 EPS for the current year.

Institutional Trading of SITE Centers

Several large investors have recently added to or reduced their stakes in SITC. Chilton Capital Management LLC grew its holdings in shares of SITE Centers by 384.0% during the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after purchasing an additional 1,536 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in SITE Centers during the 2nd quarter worth about $42,000. Quarry LP increased its position in SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after acquiring an additional 2,857 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new position in shares of SITE Centers in the first quarter worth about $147,000. Finally, Diversified Trust Co acquired a new position in shares of SITE Centers during the second quarter worth approximately $152,000. 88.70% of the stock is owned by institutional investors.

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.