SITE Centers Corp. (NYSE:SITC) Sees Significant Increase in Short Interest

SITE Centers Corp. (NYSE:SITC) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,490,000 shares, a growth of 62.6% from the September 30th total of 916,500 shares. Currently, 3.1% of the shares of the stock are sold short. Based on an average trading volume of 966,500 shares, the short-interest ratio is currently 1.5 days.

Institutional Investors Weigh In On SITE Centers

Institutional investors and hedge funds have recently modified their holdings of the company. Chilton Capital Management LLC raised its stake in shares of SITE Centers by 384.0% in the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock valued at $28,000 after acquiring an additional 1,536 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of SITE Centers in the 2nd quarter valued at $42,000. Quarry LP lifted its position in shares of SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new position in SITE Centers in the first quarter valued at $147,000. Finally, Diversified Trust Co acquired a new stake in SITE Centers in the second quarter valued at $152,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SITC has been the subject of a number of research reports. Piper Sandler upped their target price on shares of SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Evercore ISI raised shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. StockNews.com lowered shares of SITE Centers from a “buy” rating to a “hold” rating in a research note on Friday. Truist Financial upped their price target on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, Stifel Nicolaus increased their price target on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a report on Thursday, September 19th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, SITE Centers has a consensus rating of “Hold” and a consensus target price of $97.18.

SITE Centers Trading Up 1.7 %

SITC traded up $0.29 during trading hours on Tuesday, reaching $17.11. The company’s stock had a trading volume of 1,018,315 shares, compared to its average volume of 630,638. The stock has a market cap of $896.15 million, a PE ratio of 2.02 and a beta of 1.64. SITE Centers has a fifty-two week low of $16.27 and a fifty-two week high of $64.44. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 7.36. The business’s 50-day moving average is $42.49 and its 200-day moving average is $164.27.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.84 by $13.92. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The business had revenue of $113.48 million for the quarter, compared to the consensus estimate of $113.23 million. During the same period in the previous year, the firm earned $4.64 EPS. The business’s revenue was down 16.5% on a year-over-year basis. As a group, equities research analysts predict that SITE Centers will post 3.39 earnings per share for the current fiscal year.

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.