SITE Centers (NYSE:SITC) Announces Quarterly Earnings Results, Hits Estimates

SITE Centers (NYSE:SITCGet Rating) released its earnings results on Tuesday. The company reported $0.05 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.05, MarketWatch Earnings reports. SITE Centers had a return on equity of 6.75% and a net margin of 25.38%. The firm had revenue of $131.10 million during the quarter, compared to analysts’ expectations of $126.07 million. During the same period in the previous year, the firm posted $0.28 EPS. SITE Centers’s revenue for the quarter was up 9.3% on a year-over-year basis. SITE Centers updated its FY22 guidance to $1.10-$1.15 EPS and its FY 2022 guidance to $1.100-$1.150 EPS.

Shares of SITE Centers stock traded up $0.25 on Thursday, hitting $16.76. The stock had a trading volume of 2,182,326 shares, compared to its average volume of 1,945,149. SITE Centers has a 52-week low of $13.90 and a 52-week high of $17.61. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.90. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of 34.20 and a beta of 1.60. The company’s 50 day moving average price is $16.19 and its 200 day moving average price is $15.91.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 7th. Stockholders of record on Thursday, March 17th were issued a $0.13 dividend. This is an increase from SITE Centers’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Wednesday, March 16th. SITE Centers’s payout ratio is presently 106.12%.

In other SITE Centers news, CFO Conor Fennerty sold 9,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 22nd. The stock was sold at an average price of $16.18, for a total transaction of $153,710.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christa A. Vesy sold 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $16.88, for a total value of $590,800.00. The disclosure for this sale can be found here. 20.30% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in SITE Centers by 1.9% during the 4th quarter. BlackRock Inc. now owns 29,358,892 shares of the company’s stock worth $464,749,000 after purchasing an additional 543,773 shares during the period. Legal & General Group Plc increased its position in SITE Centers by 1.0% during the 4th quarter. Legal & General Group Plc now owns 1,495,243 shares of the company’s stock worth $23,670,000 after purchasing an additional 15,425 shares during the period. Allianz Asset Management GmbH increased its position in SITE Centers by 93.5% during the 4th quarter. Allianz Asset Management GmbH now owns 1,040,749 shares of the company’s stock worth $16,475,000 after purchasing an additional 502,800 shares during the period. Parametric Portfolio Associates LLC increased its position in SITE Centers by 2.1% during the 4th quarter. Parametric Portfolio Associates LLC now owns 617,517 shares of the company’s stock worth $9,775,000 after purchasing an additional 12,603 shares during the period. Finally, California State Teachers Retirement System increased its position in SITE Centers by 2.4% during the 4th quarter. California State Teachers Retirement System now owns 237,234 shares of the company’s stock worth $3,755,000 after purchasing an additional 5,500 shares during the period. Institutional investors own 97.26% of the company’s stock.

Several research firms recently commented on SITC. Wells Fargo & Company boosted their target price on SITE Centers from $16.50 to $18.50 and gave the stock an “overweight” rating in a research note on Thursday, April 7th. Morgan Stanley decreased their price target on SITE Centers from $17.00 to $16.50 and set an “equal weight” rating for the company in a report on Thursday, March 3rd. Finally, StockNews.com began coverage on SITE Centers in a report on Thursday, March 31st. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $18.20.

About SITE Centers (Get Rating)

SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.

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Earnings History for SITE Centers (NYSE:SITC)

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