SITE Centers (NYSE:SITC) Shares Gap Down Following Weak Earnings

SITE Centers Corp. (NYSE:SITC - Get Free Report) shares gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $14.54, but opened at $13.38. SITE Centers shares last traded at $14.04, with a volume of 150,928 shares.

The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.07). The firm had revenue of $32.87 million for the quarter, compared to analysts' expectations of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%.

Wall Street Analysts Forecast Growth

SITC has been the subject of several recent research reports. StockNews.com raised shares of SITE Centers from a "hold" rating to a "buy" rating in a research report on Tuesday, February 25th. Citigroup decreased their target price on SITE Centers from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Monday, December 9th. Piper Sandler lowered their target price on SITE Centers from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday. Finally, Wells Fargo & Company reduced their price target on 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. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, SITE Centers currently has a consensus rating of "Hold" and a consensus target price of $35.61.

Insiders Place Their Bets

In related news, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the sale, the chief executive officer now directly owns 136,008 shares in the company, valued at $2,093,163.12. The trade was a 55.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John M. Cattonar sold 8,794 shares of the company's stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 181,457 shares of company stock valued at $2,791,693. 10.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SITC. KBC Group NV boosted its stake in shares of SITE Centers by 170.4% during the 4th quarter. KBC Group NV now owns 3,480 shares of the company's stock worth $53,000 after acquiring an additional 2,193 shares in the last quarter. Covestor Ltd raised its stake in shares of SITE Centers by 483.2% during the 4th quarter. Covestor Ltd now owns 3,756 shares of the company's stock worth $57,000 after buying an additional 3,112 shares during the last quarter. Vestcor Inc acquired a new stake in SITE Centers in the 3rd quarter valued at about $95,000. Van ECK Associates Corp lifted its holdings in shares of SITE Centers by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company's stock valued at $138,000 after purchasing an additional 833 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in SITE Centers during the fourth quarter worth $148,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

SITE Centers Trading Down 3.9 %

The business has a 50 day moving average of $15.00 and a 200 day moving average of $28.48. The firm has a market cap of $705.71 million, a price-to-earnings ratio of 0.98 and a beta of 1.63. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

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.