SITE Centers (NYSE:SITC) Releases Earnings Results, Misses Expectations By $0.07 EPS

SITE Centers (NYSE:SITC) posted its earnings results on Thursday. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07), Zacks reports. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $32.87 million for the quarter, compared to analyst estimates of $43.58 million.

SITE Centers Stock Up 1.5 %

SITC stock opened at $14.01 on Friday. The company’s 50 day simple moving average is $15.00 and its 200-day simple moving average is $31.48. The firm has a market capitalization of $734.28 million, a PE ratio of 1.02 and a beta of 1.63. SITE Centers has a 12 month low of $13.30 and a 12 month high of $32.22. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

Insider Buying and Selling

In other SITE Centers news, EVP John M. Cattonar sold 8,794 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.22, for a total transaction of $133,844.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the transaction, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 181,457 shares of company stock worth $2,791,693. 10.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Piper Sandler lowered their target price on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday. Citigroup lowered their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Wells Fargo & Company reduced their price target on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Finally, StockNews.com raised shares of SITE Centers from a “hold” rating to a “buy” rating in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, SITE Centers presently has a consensus rating of “Hold” and a consensus target price of $35.61.

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.