Site Centers (NYSE:SITC) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Site Centers (NYSE:SITC) issued its quarterly earnings data on Monday. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08, Zacks reports. The firm had revenue of $6.85 million during the quarter, compared to the consensus estimate of $8.20 million. Site Centers had a net margin of 219.18% and a return on equity of 39.19%.

Site Centers Stock Up 0.5%

Shares of SITC stock opened at $3.19 on Wednesday. The company’s fifty day simple moving average is $4.54 and its two-hundred day simple moving average is $5.38. Site Centers has a 52 week low of $2.89 and a 52 week high of $12.39. The stock has a market cap of $167.22 million, a P/E ratio of 0.96 and a beta of 0.99.

Site Centers Dividend Announcement

The business also recently declared a special dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were paid a $1.00 dividend.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SITC shares. Piper Sandler lowered their target price on Site Centers from $5.00 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday. Zacks Research raised Site Centers to a “hold” rating in a research note on Wednesday, July 22nd. Wall Street Zen downgraded Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Site Centers presently has a consensus rating of “Reduce” and an average target price of $6.75.

Hedge Funds Weigh In On Site Centers

A number of institutional investors and hedge funds have recently made changes to their positions in SITC. EverSource Wealth Advisors LLC grew its position in Site Centers by 4,078.9% in the 2nd 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 during the last quarter. PNC Financial Services Group Inc. boosted its position in Site Centers by 380.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock valued at $45,000 after acquiring an additional 5,535 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in shares of Site Centers by 926.6% in the 2nd quarter. Osaic Holdings Inc. now owns 7,884 shares of the company’s stock valued at $99,000 after buying an additional 7,116 shares in the last quarter. Strs Ohio purchased a new position in Site Centers during the 1st quarter worth $114,000. Finally, Laurion Capital Management LP acquired a new position in shares of Site Centers in the 4th quarter valued at $70,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.