Site Centers (NYSE:SITC) Issues Earnings Results, Meets Estimates

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) released its earnings results on Tuesday. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 analyst estimates of $33.10 million. During the same period in the previous year, the company earned $0.27 earnings per share. Site Centers's revenue was down 63.8% compared to the same quarter last year.

Site Centers Stock Performance

Shares of SITC stock traded down $0.16 during trading on Friday, reaching $11.22. The company had a trading volume of 596,258 shares, compared to its average volume of 977,068. The firm's 50 day simple moving average is $11.63 and its two-hundred day simple moving average is $12.55. Site Centers has a one year low of $10.45 and a one year high of $32.00. 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 capitalization of $588.11 million, a PE ratio of 1.66 and a beta of 1.36.

Site Centers Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Site Centers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its position 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 purchasing an additional 340,452 shares during the last quarter. Jane Street Group LLC acquired a new position in Site Centers during the 1st quarter valued at about $4,023,000. Royal Bank of Canada boosted its holdings in Site Centers by 11.5% during the first quarter. Royal Bank of Canada now owns 139,626 shares of the company's stock worth $1,793,000 after buying an additional 14,395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Site Centers by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,217 shares of the company's stock valued at $362,000 after buying an additional 1,185 shares during the period. Finally, Strs Ohio bought a new stake in shares of Site Centers in the first quarter worth about $114,000. Institutional investors and hedge funds own 88.70% of the company's stock.

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.