Site Centers Corp. (NYSE:SITC) Sees Large Increase in Short Interest

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) saw a large 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. Approximately 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 currently 2.2 days. Based on an average daily trading volume, of 1,240,000 shares, the days-to-cover ratio is currently 2.2 days. Approximately 5.5% of the company's stock are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Site Centers in a research report on Tuesday, September 9th. They issued a "neutral" rating and a $10.00 price objective on the stock. Wall Street Zen raised shares of Site Centers from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. 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 given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $22.25.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SITC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Site Centers by 3.9% during the 4th 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 during the period. Daiwa Securities Group Inc. lifted its stake in shares of Site Centers by 7.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 16,778 shares of the company's stock worth $190,000 after acquiring an additional 1,092 shares during the period. Deutsche Bank AG lifted its stake in shares of Site Centers by 1.9% in the 4th quarter. Deutsche Bank AG now owns 63,704 shares of the company's stock worth $974,000 after acquiring an additional 1,195 shares during the period. State of Tennessee Department of Treasury lifted its stake in shares of Site Centers by 6.7% in the 2nd quarter. State of Tennessee Department of Treasury now owns 20,253 shares of the company's stock worth $229,000 after acquiring an additional 1,274 shares during the period. Finally, Resona Asset Management Co. Ltd. lifted its stake in shares of Site Centers by 7.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 20,457 shares of the company's stock worth $259,000 after acquiring an additional 1,486 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Site Centers Stock Up 1.3%

Shares of Site Centers stock traded up $0.12 during trading hours on Monday, hitting $8.79. The company had a trading volume of 2,014,673 shares, compared to its average volume of 1,213,686. The company's 50-day moving average is $10.72 and its two-hundred day moving average is $11.60. Site Centers has a twelve month low of $8.60 and a twelve month high of $30.25. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.74 and a quick ratio of 1.74. The company has a market cap of $460.69 million, a P/E ratio of 1.30 and a beta of 1.40.

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

Site Centers Announces Dividend

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

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.