Short Interest in Site Centers Corp. (NYSE:SITC) Expands By 20.2%

Key Points

• Short interest in Site Centers Corp. increased by 20.2% in August, reaching a total of 2,740,000 shares, with a days-to-cover ratio of 2.2 days.
• The company reported earnings of $0.16 per share for the last quarter, matching analysts' expectations, but revenue decreased by 63.8% year-over-year.
• Site Centers recently declared a special dividend of $3.25 per share, with an ex-dividend date of September 2nd, and a payout ratio of 7.69%.

Site Centers Corp. (NYSE:SITC - Get Free Report) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totaling 2,740,000 shares, an increase of 20.2% from the August 15th total of 2,280,000 shares. Based on an average daily trading volume, of 1,240,000 shares, the days-to-cover ratio is presently 2.2 days. Currently, 5.5% of the company's stock are sold short. Currently, 5.5% of the company's stock are sold short. Based on an average daily trading volume, of 1,240,000 shares, the days-to-cover ratio is presently 2.2 days.

Institutional Trading of Site Centers

Several hedge funds have recently bought and sold shares of SITC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Site Centers by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,032 shares of the company's stock worth $413,000 after purchasing an additional 1,011 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Site Centers by 7.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 16,778 shares of the company's stock valued at $190,000 after acquiring an additional 1,092 shares during the last quarter. Deutsche Bank AG lifted its stake in Site Centers by 1.9% during the fourth quarter. Deutsche Bank AG now owns 63,704 shares of the company's stock valued at $974,000 after purchasing an additional 1,195 shares during the last quarter. State of Tennessee Department of Treasury boosted its holdings in Site Centers by 6.7% during the second quarter. State of Tennessee Department of Treasury now owns 20,253 shares of the company's stock worth $229,000 after buying an additional 1,274 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. grew its position in Site Centers by 7.8% in the first quarter. Resona Asset Management Co. Ltd. now owns 20,457 shares of the company's stock worth $259,000 after buying an additional 1,486 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Site Centers Stock Performance

Shares of Site Centers stock traded down $0.23 during trading hours on Friday, reaching $8.68. The company's stock had a trading volume of 2,645,963 shares, compared to its average volume of 1,003,705. Site Centers has a one year low of $8.60 and a one year high of $30.25. The company's 50 day simple moving average is $10.83 and its 200 day simple moving average is $11.68. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.74 and a current ratio of 1.74. The stock has a market cap of $455.22 million, a P/E ratio of 1.28 and a beta of 1.40.

Site Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.16 earnings per share for the quarter, hitting analysts' consensus estimates of $0.16. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.The business had revenue of $30.66 million for the quarter, compared to analysts' expectations of $33.10 million. During the same period in the prior year, the firm earned $0.27 EPS. The business's quarterly revenue was down 63.8% on a year-over-year basis. As a group, analysts expect that Site Centers will post 3.24 EPS for the current fiscal year.

Site Centers Announces Dividend

The company also recently declared a special dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a dividend of $3.25 per share. The ex-dividend date was Tuesday, September 2nd. Site Centers's dividend payout ratio is currently 7.69%.

Analyst Ratings Changes

Several analysts have issued reports on SITC shares. Wall Street Zen raised shares of Site Centers from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. LADENBURG THALM/SH SH assumed coverage on shares of Site Centers in a research note on Tuesday, September 9th. They set a "neutral" rating and a $10.00 price target on the stock. Finally, Piper Sandler reissued an "overweight" rating on shares of Site Centers in a research report on Tuesday, July 8th. One analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $22.25.

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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