Short Interest in SITE Centers Corp. (NYSE:SITC) Decreases By 12.5%

SITE Centers Corp. (NYSE:SITC) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 4,210,000 shares, a drop of 12.5% from the February 28th total of 4,810,000 shares. Approximately 8.5% of the shares of the stock are sold short. Based on an average trading volume of 1,060,000 shares, the short-interest ratio is currently 4.0 days.

SITE Centers Stock Down 5.5 %

SITE Centers stock traded down $0.71 during trading hours on Thursday, hitting $12.17. The company had a trading volume of 221,533 shares, compared to its average volume of 866,261. The firm’s fifty day moving average is $13.97 and its 200-day moving average is $18.59. The firm has a market capitalization of $638.07 million, a P/E ratio of 0.89 and a beta of 1.63. SITE Centers has a fifty-two week low of $11.87 and a fifty-two week high of $64.44. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Thursday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.07). SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The firm had revenue of $32.87 million for the quarter, compared to analysts’ expectations of $43.58 million. On average, research analysts forecast that SITE Centers will post 3.24 earnings per share for the current year.

Institutional Investors Weigh In On SITE Centers

Several large investors have recently made changes to their positions in SITC. Pacer Advisors Inc. bought a new position in SITE Centers during the fourth quarter valued at approximately $34,297,000. Invesco Ltd. raised its holdings in shares of SITE Centers by 777.4% during the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company’s stock valued at $32,432,000 after purchasing an additional 1,879,351 shares in the last quarter. Rush Island Management LP raised its holdings in shares of SITE Centers by 161.0% during the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock valued at $24,193,000 after purchasing an additional 976,110 shares in the last quarter. Man Group plc lifted its stake in shares of SITE Centers by 1,126.0% in the 4th quarter. Man Group plc now owns 771,623 shares of the company’s stock valued at $11,798,000 after purchasing an additional 708,685 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in SITE Centers by 3,701.4% in the fourth quarter. AQR Capital Management LLC now owns 727,672 shares of the company’s stock worth $11,126,000 after purchasing an additional 708,530 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SITC shares. StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Piper Sandler cut their price objective on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Citigroup dropped their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, Wells Fargo & Company decreased their price objective on shares of SITE Centers from $17.00 to $14.50 and set an “equal weight” rating for the company in a research note on Wednesday, March 26th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, SITE Centers presently has an average rating of “Hold” and an average price target of $35.25.

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.