Short Interest in Site Centers Corp. (NYSE:SITC) Decreases By 39.3%

Key Points

• Short interest in Site Centers Corp. decreased by 39.3% in September, with 2,270,000 shares short sold, representing approximately 4.6% of the shares outstanding.
• The company recently announced a $3.25 special dividend, which was paid to stockholders of record on August 15th.
• Site Centers reported a net margin of 189.28% but saw a 63.8% decline in revenue year-over-year, with a quarterly revenue of $30.66 million.

Site Centers Corp. (NYSE:SITC - Get Free Report) was the target of a large drop in short interest in September. As of September 30th, there was short interest totaling 2,270,000 shares, a drop of 39.3% from the September 15th total of 3,740,000 shares. Approximately 4.6% of the shares of the stock are short sold. Based on an average trading volume of 1,130,000 shares, the days-to-cover ratio is presently 2.0 days. Based on an average trading volume of 1,130,000 shares, the days-to-cover ratio is presently 2.0 days. Approximately 4.6% of the shares of the stock are short sold.

Site Centers Stock Performance

Shares of Site Centers stock opened at $8.73 on Tuesday. The stock has a market cap of $457.91 million, a PE ratio of 1.29 and a beta of 1.39. The business has a fifty day simple moving average of $9.76 and a 200-day simple moving average of $11.03. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.59. Site Centers has a 12 month low of $8.42 and a 12 month high of $17.30.

Site Centers (NYSE:SITC - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The business had revenue of $30.66 million during the quarter, compared to analysts' expectations of $33.10 million. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.Site Centers's revenue was down 63.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 earnings per share. On average, sell-side analysts anticipate that Site Centers will post 3.24 EPS for the current fiscal year.

Site Centers Announces Dividend

The firm also recently announced a special dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a $3.25 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd.

Wall Street Analyst Weigh In

SITC has been the subject of several research reports. Piper Sandler reissued an "overweight" rating on shares of Site Centers in a research note on Tuesday, July 8th. LADENBURG THALM/SH SH initiated coverage on Site Centers in a research note on Tuesday, September 9th. They set a "neutral" rating and a $10.00 price objective for the company. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Site Centers in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $14.88.

Institutional Trading of Site Centers

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of Site Centers by 1,223.2% during the first quarter. GAMMA Investing LLC now owns 8,230 shares of the company's stock worth $106,000 after acquiring an additional 7,608 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Site Centers by 13.9% during the first quarter. Robeco Institutional Asset Management B.V. now owns 402,405 shares of the company's stock worth $5,167,000 after acquiring an additional 49,190 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Site Centers by 2.6% during the first quarter. Principal Financial Group Inc. now owns 277,998 shares of the company's stock worth $3,569,000 after acquiring an additional 6,931 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Site Centers by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 619,273 shares of the company's stock worth $7,951,000 after acquiring an additional 4,354 shares in the last quarter. Finally, Brown Advisory Inc. raised its holdings in shares of Site Centers by 100.6% during the first quarter. Brown Advisory Inc. now owns 759,033 shares of the company's stock worth $9,746,000 after acquiring an additional 380,711 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

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.

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