SITE Centers (NYSE:SITC) Shares Set to Reverse Split on Monday, August 19th

SITE Centers Corp. (NYSE:SITC) shares are set to reverse split on the morning of Monday, August 19th. The 1-4 reverse split was announced on Monday, August 19th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, August 19th.

SITE Centers Price Performance

Shares of SITE Centers stock opened at $15.27 on Thursday. The company has a current ratio of 7.36, a quick ratio of 3.54 and a debt-to-equity ratio of 0.70. The company’s 50-day moving average price is $14.91 and its two-hundred day moving average price is $14.30. SITE Centers has a 52 week low of $10.88 and a 52 week high of $16.11. The stock has a market cap of $3.20 billion, a PE ratio of 14.97 and a beta of 1.64.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.24 by $0.87. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The firm had revenue of $113.48 million for the quarter, compared to analysts’ expectations of $113.23 million. During the same period in the previous year, the business earned $0.29 earnings per share. SITE Centers’s revenue for the quarter was down 16.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that SITE Centers will post 0.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on SITC. Wells Fargo & Company boosted their price target on shares of SITE Centers from $15.50 to $16.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Piper Sandler upped their price objective on shares of SITE Centers from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Evercore ISI raised shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $15.00.

Insider Transactions at SITE Centers

In other news, Director Alexander Otto sold 242,573 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $14.71, for a total value of $3,568,248.83. Following the completion of the sale, the director now directly owns 19,071,327 shares of the company’s stock, valued at $280,539,220.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 1,578,775 shares of company stock valued at $22,785,354 over the last three months. 10.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SITE Centers

A number of hedge funds have recently added to or reduced their stakes in SITC. Long Pond Capital LP increased its holdings in SITE Centers by 403.8% in the first quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock worth $84,885,000 after buying an additional 4,644,142 shares during the last quarter. Norges Bank acquired a new position in SITE Centers during the fourth quarter valued at approximately $34,740,000. Bank of Montreal Can grew its holdings in SITE Centers by 3,017.5% during the second quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock valued at $11,081,000 after purchasing an additional 739,174 shares during the last quarter. Vanguard Group Inc. grew its holdings in SITE Centers by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock valued at $413,531,000 after purchasing an additional 608,996 shares during the last quarter. Finally, Panagora Asset Management Inc. acquired a new position in SITE Centers during the second quarter valued at approximately $3,089,000. 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.