SITE Centers Corp. (NYSE:SITC) Short Interest Up 62.6% in October

SITE Centers Corp. (NYSE:SITC) saw a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,490,000 shares, a growth of 62.6% from the September 30th total of 916,500 shares. Currently, 3.1% of the company’s stock are short sold. Based on an average daily volume of 966,500 shares, the short-interest ratio is presently 1.5 days.

Hedge Funds Weigh In On SITE Centers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Long Pond Capital LP boosted its position in shares of SITE Centers by 403.8% in the first quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after acquiring an additional 4,644,142 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of SITE Centers by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock valued at $39,426,000 after acquiring an additional 31,529 shares during the period. Principal Financial Group Inc. boosted its position in shares of SITE Centers by 13.5% in the first quarter. Principal Financial Group Inc. now owns 1,066,843 shares of the company’s stock valued at $15,629,000 after acquiring an additional 127,278 shares during the period. APG Asset Management US Inc. boosted its position in shares of SITE Centers by 145.0% in the second quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock valued at $12,996,000 after acquiring an additional 535,550 shares during the period. Finally, Renaissance Technologies LLC raised its stake in SITE Centers by 6.8% in the second quarter. Renaissance Technologies LLC now owns 882,336 shares of the company’s stock valued at $12,794,000 after purchasing an additional 56,013 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SITC has been the topic of a number of recent research reports. Morgan Stanley lifted their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Compass Point decreased their target price on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Piper Sandler raised their target price 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. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Finally, Stifel Nicolaus raised their target price on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, SITE Centers has an average rating of “Hold” and an average target price of $97.18.

SITE Centers Stock Performance

SITC stock traded up $0.29 during midday trading on Tuesday, reaching $17.11. 1,018,315 shares of the company were exchanged, compared to its average volume of 630,638. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 7.36. The business has a 50-day moving average price of $42.49 and a two-hundred day moving average price of $164.27. SITE Centers has a one year low of $16.27 and a one year high of $64.44. The firm has a market capitalization of $896.15 million, a price-to-earnings ratio of 2.02 and a beta of 1.64.

SITE Centers (NYSE:SITC) last released its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The firm had revenue of $113.48 million during the quarter, compared to analysts’ expectations of $113.23 million. During the same period in the previous year, the business posted $4.64 earnings per share. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. Equities research analysts forecast that SITE Centers will post 3.39 EPS for the current year.

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.