Site Centers (NYSE:SITC) Announces Earnings Results, Beats Estimates By $2.79 EPS

Site Centers (NYSE:SITC) posted its quarterly earnings data on Thursday. The company reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $2.79, FiscalAI reports. Site Centers had a return on equity of 8.21% and a net margin of 29.19%.The firm had revenue of $17.51 million for the quarter, compared to the consensus estimate of $22.39 million.

Site Centers Stock Up 2.0%

Shares of NYSE SITC traded up $0.13 during mid-day trading on Thursday, reaching $6.77. The company had a trading volume of 457,237 shares, compared to its average volume of 866,583. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.59 and a current ratio of 1.59. Site Centers has a twelve month low of $5.97 and a twelve month high of $14.24. The stock’s 50 day moving average is $6.37 and its 200-day moving average is $7.90. The stock has a market capitalization of $355.15 million, a PE ratio of 12.09 and a beta of 1.09.

Site Centers Dividend Announcement

The business also recently declared a special dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th were paid a $1.00 dividend. The ex-dividend date of this dividend was Monday, December 15th.

Analyst Ratings Changes

SITC has been the topic of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and set a $8.00 price target (down from $10.00) on shares of Site Centers in a report on Monday, January 5th. Wall Street Zen downgraded shares of Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $10.83.

Hedge Funds Weigh In On Site Centers

Hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its position in Site Centers by 4,078.9% during the second quarter. EverSource Wealth Advisors LLC now owns 3,761 shares of the company’s stock valued at $43,000 after acquiring an additional 3,671 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Site Centers by 380.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock worth $45,000 after purchasing an additional 5,535 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of Site Centers by 926.6% during the 2nd quarter. Osaic Holdings Inc. now owns 7,884 shares of the company’s stock valued at $99,000 after purchasing an additional 7,116 shares in the last quarter. Strs Ohio bought a new stake in Site Centers in the first quarter worth $114,000. Finally, Laurion Capital Management LP bought a new stake in Site Centers in the fourth quarter worth $70,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Site Centers

Site Centers (NYSE:SITC) is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of grocery-anchored shopping centers. The company’s portfolio comprises open-air retail properties that primarily serve daily needs tenants and national retailers. By concentrating on neighborhood and community shopping centers, Site Centers aims to provide stable occupancy levels and resilient income streams driven by essential services such as supermarkets, pharmacies and convenient dining options.

Originally known as DDR Corp., the company rebranded as Site Centers in 2021 to emphasize its strategic focus on high-quality retail assets and long-term value creation.