Short Interest in SITE Centers Corp. (NYSE:SITC) Decreases By 39.7%

SITE Centers Corp. (NYSE:SITC - Get Free Report) was the recipient of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 916,500 shares, a decrease of 39.7% from the September 15th total of 1,520,000 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average trading volume of 787,700 shares, the days-to-cover ratio is presently 1.2 days.

Hedge Funds Weigh In On SITE Centers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in SITE Centers by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company's stock valued at $413,531,000 after buying an additional 608,996 shares during the period. Long Pond Capital LP boosted its position in shares of SITE Centers by 403.8% during the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company's stock valued at $84,885,000 after purchasing an additional 4,644,142 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in SITE Centers by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company's stock worth $39,426,000 after purchasing an additional 31,529 shares during the period. Principal Financial Group Inc. increased its holdings in SITE Centers by 13.5% in the first quarter. Principal Financial Group Inc. now owns 1,066,843 shares of the company's stock worth $15,629,000 after purchasing an additional 127,278 shares in the last quarter. Finally, APG Asset Management US Inc. lifted its stake in SITE Centers by 145.0% in the second quarter. APG Asset Management US Inc. now owns 905,000 shares of the company's stock valued at $12,996,000 after buying an additional 535,550 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Evercore ISI upgraded shares of SITE Centers to a "hold" rating in a research note on Wednesday, July 31st. Piper Sandler increased their price target on shares of SITE Centers from $256.00 to $288.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 31st. KeyCorp restated a "sector weight" rating on shares of SITE Centers in a research report on Monday. Wells Fargo & Company cut SITE Centers from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Finally, Stifel Nicolaus lifted their price target on SITE Centers from $65.00 to $65.25 and gave the company a "buy" rating in a research note on Thursday, September 19th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $110.54.

SITE Centers Price Performance

SITC traded up $0.10 on Friday, reaching $17.31. The stock had a trading volume of 1,053,922 shares, compared to its average volume of 588,754. The firm has a 50-day moving average of $93.40 and a 200-day moving average of $182.63. SITE Centers has a fifty-two week low of $16.50 and a fifty-two week high of $64.44. The company has a market capitalization of $906.87 million, a price-to-earnings ratio of 2.05 and a beta of 1.64. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 0.70.

SITE Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.84 by $13.92. The company had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The firm's revenue was down 16.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.64 earnings per share. As a group, sell-side analysts anticipate that SITE Centers will post 3.39 EPS for the current year.

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.