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

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

SITE Centers Stock Performance

Shares of SITC stock traded down $0.55 during trading hours on Monday, hitting $13.46. 1,452,595 shares of the company were exchanged, compared to its average volume of 816,042. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $705.71 million, a price-to-earnings ratio of 0.98 and a beta of 1.63. The firm has a fifty day simple moving average of $15.00 and a 200 day simple moving average of $28.48. SITE Centers has a 52-week low of $13.30 and a 52-week high of $32.22.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Piper Sandler reduced their target price on shares of SITE Centers from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday. StockNews.com raised shares of SITE Centers from a "hold" rating to a "buy" rating in a research report on Tuesday, February 25th. Wells Fargo & Company dropped their target price on shares of SITE Centers from $17.50 to $17.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Finally, Citigroup cut their target price on SITE Centers from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Monday, December 9th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, SITE Centers has an average rating of "Hold" and an average target price of $35.61.

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Insider Buying and Selling at SITE Centers

In other news, CEO David R. Lukes sold 168,895 shares of the company's stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the transaction, the chief executive officer now 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.54, for a total value of $58,554.72. Following the transaction, the director now owns 29,082 shares of the company's stock, valued at $451,934.28. The trade was a 11.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 181,457 shares of company stock valued at $2,791,693. Company insiders own 10.10% of the company's stock.

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.