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

SITE Centers Corp. (NYSE:SITC)’s share price 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 traded.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SITC shares. Citigroup decreased their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. StockNews.com raised shares of SITE Centers from a “hold” rating to a “buy” rating in a research note on Tuesday. Wells Fargo & Company decreased their price target on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, Piper Sandler decreased their price target on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $35.75.

Insider Transactions at SITE Centers

In other news, CEO David R. Lukes sold 168,895 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were 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 owns 136,008 shares in the company, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John M. Cattonar sold 8,794 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. 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 ninety days. 10.10% of the stock is currently owned by corporate insiders.

Institutional Trading of SITE Centers

Institutional investors have recently added to or reduced their stakes in the stock. Vestcor Inc purchased a new stake in shares of SITE Centers during the 3rd quarter worth $95,000. Neo Ivy Capital Management purchased a new stake in shares of SITE Centers during the 3rd quarter worth $202,000. Systematic Financial Management LP purchased a new stake in shares of SITE Centers during the 3rd quarter worth $203,000. KBC Group NV lifted its position in shares of SITE Centers by 170.4% during the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after purchasing an additional 2,193 shares during the last quarter. Finally, Covestor Ltd lifted its position in shares of SITE Centers by 483.2% during the 4th quarter. Covestor Ltd now owns 3,756 shares of the company’s stock worth $57,000 after purchasing an additional 3,112 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Trading Down 3.4 %

The firm has a market capitalization of $736.69 million, a PE ratio of 1.02 and a beta of 1.60. The company’s 50-day moving average price is $15.05 and its 200-day moving average price is $33.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55.

SITE Centers Company Profile

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.