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

SITE Centers Corp. (NYSE:SITC)’s stock is set 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 Stock Up 0.7 %

Shares of SITE Centers stock opened at $15.37 on Friday. The company has a current ratio of 7.36, a quick ratio of 3.54 and a debt-to-equity ratio of 0.70. SITE Centers has a 12-month low of $10.88 and a 12-month high of $16.11. The company has a market cap of $3.22 billion, a P/E ratio of 15.07 and a beta of 1.64. The company’s fifty day simple moving average is $14.88 and its two-hundred day simple moving average is $14.27.

SITE Centers (NYSE:SITC) last announced its earnings results on Tuesday, July 30th. The company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.87. 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 for the quarter, compared to analyst estimates of $113.23 million. During the same quarter in the previous year, the firm posted $0.29 EPS. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. Research analysts anticipate that SITE Centers will post 0.94 EPS for the current year.

Analysts Set New Price Targets

SITC has been the subject of a number of research analyst reports. Piper Sandler raised their target price on SITE Centers from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Evercore ISI raised SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company upped their target price on shares of SITE Centers from $15.50 to $16.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, SITE Centers currently has a consensus rating of “Hold” and a consensus target price of $15.00.

Insider Transactions at SITE Centers

In other SITE Centers news, Director Alexander Otto sold 357,568 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $14.39, for a total transaction of $5,145,403.52. Following the completion of the sale, the director now directly owns 16,582,983 shares in the company, valued at approximately $238,629,125.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 1,578,775 shares of company stock valued at $22,785,354. Insiders own 10.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SITC. Vanguard Group Inc. boosted its stake in shares of SITE Centers by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock worth $413,531,000 after buying an additional 608,996 shares during the last quarter. Long Pond Capital LP boosted its position in SITE Centers by 403.8% in the first quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock worth $84,885,000 after purchasing an additional 4,644,142 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of SITE Centers by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,341,667 shares of the company’s stock valued at $45,547,000 after purchasing an additional 43,406 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in shares of SITE Centers by 7.5% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,800,420 shares of the company’s stock worth $38,170,000 after purchasing an additional 196,094 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings 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 worth $39,426,000 after buying an additional 31,529 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.