Site Centers (NYSE:SITC) Issues Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Site Centers reported quarterly EPS of negative $0.09, beating analyst expectations of negative $0.11 by $0.02.
• SITC shares fell to $3.30, near their 12-month low of $3.30, while the company paid a $1.00 special dividend to eligible shareholders.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $7.50; institutional investors own approximately 88.7% of the stock.

Site Centers (NYSE:SITC - Get Free Report) issued its quarterly earnings data on Monday. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.02, Zacks reports. Site Centers had a return on equity of 47.95% and a net margin of 212.95%.

Site Centers Stock Performance

SITC stock traded down $0.98 during trading on Monday, reaching $3.30. The company had a trading volume of 1,203,309 shares, compared to its average volume of 846,062. The company has a market cap of $173.22 million, a price-to-earnings ratio of 0.99 and a beta of 1.00. Site Centers has a twelve month low of $3.30 and a twelve month high of $12.39. The firm has a 50-day simple moving average of $4.63 and a 200-day simple moving average of $5.42.

Site Centers Dividend Announcement

The business also recently announced a special dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were paid a $1.00 dividend. Site Centers's dividend payout ratio (DPR) is presently 15.66%.

Analyst Ratings Changes

Several research firms recently commented on SITC. Piper Sandler set a $5.00 price objective on shares of Site Centers and gave the stock a "neutral" rating in a research note on Tuesday, July 21st. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Site Centers in a report on Wednesday, June 24th. Zacks Research raised Site Centers to a "hold" rating in a research report on Wednesday, July 22nd. Finally, Wall Street Zen cut Site Centers from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $7.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Daiwa Securities Group Inc. raised its stake in 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Site Centers by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,217 shares of the company's stock valued at $362,000 after purchasing an additional 1,185 shares during the period. State of Tennessee Department of Treasury raised its stake in shares of Site Centers by 6.7% in the second quarter. State of Tennessee Department of Treasury now owns 20,253 shares of the company's stock worth $229,000 after purchasing an additional 1,274 shares during the last quarter. Creative Planning lifted its holdings in shares of Site Centers by 8.8% during the second quarter. Creative Planning now owns 18,472 shares of the company's stock worth $209,000 after purchasing an additional 1,495 shares during the period. Finally, First Trust Advisors LP boosted its position in Site Centers by 10.5% in the third quarter. First Trust Advisors LP now owns 18,275 shares of the company's stock valued at $165,000 after buying an additional 1,739 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Site Centers Company Profile

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.

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