SITE Centers (NYSE:SITC) Shares Gap Down Following Weak Earnings

Shares of SITE Centers Corp. (NYSE:SITC) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $14.54, but opened at $13.38. SITE Centers shares last traded at $14.04, with a volume of 150,928 shares.

The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). The business had revenue of $32.87 million during the quarter, compared to analyst estimates of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%.

Analyst Ratings Changes

Several research firms have issued reports on SITC. Citigroup dropped their price target on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Piper Sandler reduced their target price on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday. StockNews.com raised SITE Centers from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Wells Fargo & Company cut their price objective on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.61.

Insider Buying and Selling at SITE Centers

In related news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the sale, the chief executive officer now directly owns 136,008 shares in the company, valued at approximately $2,093,163.12. This trade represents a 55.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dawn M. Sweeney sold 3,768 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following the completion of the transaction, the director now owns 29,082 shares in the company, valued at $451,934.28. This trade represents a 11.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 181,457 shares of company stock valued at $2,791,693 in the last 90 days. 10.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SITE Centers

Several institutional investors have recently made changes to their positions in SITC. Two Sigma Advisers LP raised its position in SITE Centers by 543.6% during the fourth quarter. Two Sigma Advisers LP now owns 73,053 shares of the company’s stock valued at $1,117,000 after acquiring an additional 61,703 shares in the last quarter. Two Sigma Investments LP acquired a new position in shares of SITE Centers during the 4th quarter worth $4,340,000. Tidal Investments LLC bought a new position in shares of SITE Centers during the 4th quarter valued at $504,000. Rush Island Management LP lifted its stake in shares of SITE Centers by 161.0% in the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock valued at $24,193,000 after purchasing an additional 976,110 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in SITE Centers by 44.5% in the fourth quarter. ProShare Advisors LLC now owns 14,307 shares of the company’s stock worth $219,000 after purchasing an additional 4,405 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

SITE Centers Price Performance

The company’s 50-day simple moving average is $15.00 and its 200 day simple moving average is $31.48. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $734.28 million, a price-to-earnings ratio of 1.02 and a beta of 1.60.

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.