SITE Centers Corp. (NYSE:SITC) Sees Large Increase in Short Interest

SITE Centers Corp. (NYSE:SITC - Get Free Report) was the recipient of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,490,000 shares, a growth of 62.6% from the September 30th total of 916,500 shares. Currently, 3.1% of the shares of the stock are short sold. Based on an average daily volume of 966,500 shares, the days-to-cover ratio is currently 1.5 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System boosted its stake in shares of SITE Centers by 1.9% in the second quarter. Arizona State Retirement System now owns 52,749 shares of the company's stock valued at $765,000 after purchasing an additional 976 shares during the period. Vanderbilt University boosted its holdings in SITE Centers by 10.0% in the second quarter. Vanderbilt University now owns 12,378 shares of the company's stock valued at $179,000 after purchasing an additional 1,126 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in SITE Centers by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company's stock valued at $1,315,000 after purchasing an additional 1,500 shares in the last quarter. Chilton Capital Management LLC increased its holdings in SITE Centers by 384.0% during the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company's stock worth $28,000 after purchasing an additional 1,536 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of SITE Centers by 6.3% in the 2nd quarter. Van ECK Associates Corp now owns 29,065 shares of the company's stock valued at $421,000 after purchasing an additional 1,723 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

SITE Centers Trading Down 1.7 %

Shares of NYSE:SITC traded down $0.29 during trading on Friday, reaching $16.88. 589,816 shares of the stock were exchanged, compared to its average volume of 623,361. The firm's 50-day moving average price is $43.39 and its 200 day moving average price is $165.71. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of 16.55 and a beta of 1.64. SITE Centers has a 12-month low of $16.27 and a 12-month high of $64.44. The company has a debt-to-equity ratio of 0.70, a quick ratio of 7.36 and a current ratio of 7.36.

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, topping the consensus estimate of $3.84 by $13.92. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The company had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. During the same period in the previous year, the firm earned $4.64 earnings per share. SITE Centers's revenue for the quarter was down 16.5% on a year-over-year basis. On average, sell-side analysts anticipate that SITE Centers will post 3.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SITC. Compass Point decreased their target price on shares of SITE Centers from $64.00 to $17.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 15th. Morgan Stanley raised their price objective on SITE Centers from $56.00 to $57.00 and gave the stock an "equal weight" rating in a report on Monday, September 30th. KeyCorp reiterated a "sector weight" rating on shares of SITE Centers in a research note on Monday, October 7th. StockNews.com lowered SITE Centers from a "buy" rating to a "hold" rating in a research note on Friday. Finally, Truist Financial upped their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the company a "hold" rating in a research note on Wednesday, August 28th. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $97.18.

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.