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

SITE Centers Corp. (NYSE:SITC - Get Free Report) was the target of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 2,840,000 shares, a drop of 32.5% from the March 15th total of 4,210,000 shares. Approximately 5.7% of the shares of the stock are short sold. Based on an average trading volume of 970,400 shares, the days-to-cover ratio is currently 2.9 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SITC. KBC Group NV lifted its position in SITE Centers by 170.4% in the 4th quarter. KBC Group NV now owns 3,480 shares of the company's stock worth $53,000 after buying an additional 2,193 shares in the last quarter. Covestor Ltd boosted its position in SITE Centers by 483.2% during the fourth quarter. Covestor Ltd now owns 3,756 shares of the company's stock valued at $57,000 after purchasing an additional 3,112 shares during the last quarter. GAMMA Investing LLC grew its stake in SITE Centers by 1,223.2% in the first quarter. GAMMA Investing LLC now owns 8,230 shares of the company's stock valued at $106,000 after purchasing an additional 7,608 shares in the last quarter. Van ECK Associates Corp increased its position in SITE Centers by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company's stock worth $138,000 after purchasing an additional 833 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of SITE Centers during the 4th quarter worth about $148,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

SITE Centers Trading Down 0.3 %

NYSE SITC traded down $0.04 on Wednesday, hitting $11.85. 208,134 shares of the stock were exchanged, compared to its average volume of 894,231. The company's 50-day moving average price is $12.84 and its two-hundred day moving average price is $14.73. The company has a market capitalization of $621.30 million, a price-to-earnings ratio of 0.87 and a beta of 1.30. SITE Centers has a 52-week low of $10.46 and a 52-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 - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.07). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $32.87 million for the quarter, compared to analyst estimates of $43.58 million. Research analysts predict that SITE Centers will post 3.24 EPS for the current year.

Analyst Ratings Changes

SITC has been the topic of a number of research reports. Piper Sandler dropped their price objective on SITE Centers from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. StockNews.com lowered shares of SITE Centers from a "buy" rating to a "hold" rating in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their target price on shares of SITE Centers from $17.00 to $14.50 and set an "equal weight" rating on the stock in a report on Wednesday, March 26th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $35.25.

About SITE Centers

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.