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

SITE Centers (NYSE:SITC) announced its quarterly earnings data on Thursday. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.07), Zacks reports. The firm had revenue of $32.87 million during the quarter, compared to analyst estimates of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%.

SITE Centers Stock Up 1.5 %

Shares of SITE Centers stock opened at $14.01 on Friday. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers has a 1 year low of $13.30 and a 1 year high of $32.22. The stock has a 50-day moving average price of $15.00 and a 200 day moving average price of $31.48. The company has a market cap of $734.28 million, a P/E ratio of 1.02 and a beta of 1.63.

Insiders Place Their Bets

In other SITE Centers news, CEO David R. Lukes sold 168,895 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the transaction, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John M. Cattonar sold 8,794 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The disclosure for this sale can be found here. Insiders have sold a total of 181,457 shares of company stock valued at $2,791,693 in the last three months. Insiders own 10.10% of the company’s stock.

Analyst Upgrades and Downgrades

SITC has been the subject of several research analyst reports. Piper Sandler cut their price objective on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday. StockNews.com raised SITE Centers from a “hold” rating to a “buy” rating in a report on Tuesday. Wells Fargo & Company reduced their target price on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Finally, Citigroup reduced their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.61.

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.