Site Centers (NYSE:SITC) Releases Earnings Results

Key Points

• SITE CENTERS reported $0.16 earnings per share (EPS) for the quarter, matching consensus estimates, but a significant drop from $0.27 EPS in the same period last year.
• The company's quarterly revenue saw a 63.8% decline year-over-year, indicating challenges in its business performance.
• SITE CENTERS declared a special dividend of $1.50 per share, which was paid to stockholders of record on June 30th.

Site Centers (NYSE:SITC - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16, Zacks reports. Site Centers had a return on equity of 36.67% and a net margin of 189.28%. The firm had revenue of $30.66 million for the quarter, compared to the consensus estimate of $33.10 million. During the same period in the prior year, the business posted $0.27 earnings per share. The company's revenue for the quarter was down 63.8% on a year-over-year basis.

Site Centers Stock Down 1.3%

NYSE SITC traded down $0.15 during midday trading on Friday, hitting $11.22. 1,127,545 shares of the company traded hands, compared to its average volume of 1,217,900. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.74 and a quick ratio of 0.92. The company has a market cap of $588.38 million, a PE ratio of 1.66 and a beta of 1.36. Site Centers has a 52 week low of $10.45 and a 52 week high of $32.00. The company's 50-day simple moving average is $11.62 and its 200-day simple moving average is $12.52.

Site Centers Announces Dividend

The business also recently announced a special dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.50 per share.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Piper Sandler reiterated an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Wall Street Zen upgraded Site Centers from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Site Centers has a consensus rating of "Hold" and an average price target of $35.25.

Institutional Trading of Site Centers

A number of institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. raised its stake in Site Centers by 88.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 725,279 shares of the company's stock worth $9,313,000 after acquiring an additional 340,452 shares during the last quarter. Jane Street Group LLC purchased a new position in Site Centers in the 1st quarter worth $4,023,000. Royal Bank of Canada raised its stake in Site Centers by 11.5% in the 1st quarter. Royal Bank of Canada now owns 139,626 shares of the company's stock worth $1,793,000 after acquiring an additional 14,395 shares during the last quarter. Strs Ohio purchased a new position in Site Centers in the 1st quarter worth $114,000. Finally, Creative Planning raised its stake in shares of Site Centers by 8.8% during the 2nd quarter. Creative Planning now owns 18,472 shares of the company's stock valued at $209,000 after buying an additional 1,495 shares during 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.