Site Centers (NYSE:SITC) Releases Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Key Points

• Site Centers beat earnings expectations by reporting $0.02 EPS for the quarter, topping the consensus estimate of -$0.11 by $0.13.
• Revenue came in below forecasts at $9.37 million versus analysts’ expectations of $10.20 million, despite strong reported profitability metrics.
• The stock traded lower after the release, falling 0.8% to $5.56, while Wall Street sentiment remains cautious with a consensus rating of “Reduce” and an average price target of $8.00.

Site Centers (NYSE:SITC - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.13, FiscalAI reports. Site Centers had a return on equity of 46.66% and a net margin of 212.95%.The company had revenue of $9.37 million during the quarter, compared to analysts' expectations of $10.20 million.

Site Centers Trading Down 0.8%

SITC stock traded down $0.05 during mid-day trading on Friday, hitting $5.56. 603,136 shares of the company were exchanged, compared to its average volume of 514,760. Site Centers has a 1-year low of $5.24 and a 1-year high of $13.10. The stock has a market capitalization of $291.42 million, a PE ratio of 1.67 and a beta of 1.01. The business has a 50 day simple moving average of $5.64 and a 200-day simple moving average of $6.44.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Piper Sandler upped their price objective on Site Centers from $5.50 to $6.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 22nd. Weiss Ratings reissued a "sell (d)" rating on shares of Site Centers in a research note on Friday, March 27th. Finally, Wall Street Zen downgraded shares of Site Centers from a "hold" rating to a "sell" rating in a report on Saturday. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $8.00.

Hedge Funds Weigh In On Site Centers

A number of hedge funds have recently bought and sold shares of SITC. Royal Bank of Canada increased its stake in Site Centers by 11.5% during 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Site Centers by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,217 shares of the company's stock valued at $362,000 after acquiring an additional 1,185 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Site Centers by 88.5% during 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 in the last quarter. Jane Street Group LLC bought a new position in shares of Site Centers in the first quarter worth $4,023,000. Finally, Strs Ohio bought a new position in shares of Site Centers in the first quarter worth $114,000. 88.70% of the stock is owned by institutional investors.

About Site Centers

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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