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

SITE Centers Corp. (NYSE:SITC) 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) 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.

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

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.