SITE Centers (NYSE:SITC) Releases Quarterly Earnings Results, Beats Estimates By $0.87 EPS

SITE Centers (NYSE:SITC) issued its quarterly earnings results on Tuesday. The company reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.87, Yahoo Finance reports. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The firm had revenue of $113.48 million during the quarter, compared to analyst estimates of $113.23 million. During the same quarter in the previous year, the company posted $0.29 earnings per share. The company’s revenue was down 16.5% compared to the same quarter last year.

SITE Centers Trading Up 0.1 %

Shares of NYSE SITC traded up $0.01 during mid-day trading on Thursday, reaching $15.46. The company had a trading volume of 2,772,415 shares, compared to its average volume of 1,898,321. The business’s 50-day moving average is $14.72 and its 200-day moving average is $14.20. The company has a current ratio of 3.54, a quick ratio of 3.54 and a debt-to-equity ratio of 0.70. SITE Centers has a 52 week low of $10.88 and a 52 week high of $16.11. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of 15.16 and a beta of 1.64.

Shares of SITE Centers are set to reverse split before the market opens on Monday, August 19th. The 1-4 reverse split was announced on Monday, August 19th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, August 19th.

SITE Centers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Tuesday, June 18th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend was Tuesday, June 18th. SITE Centers’s payout ratio is currently 50.98%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wells Fargo & Company lifted their price objective on SITE Centers from $15.50 to $16.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Piper Sandler lifted their price target on shares of SITE Centers from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, SITE Centers presently has an average rating of “Hold” and an average price target of $15.00.

Insiders Place Their Bets

In other SITE Centers news, Director Alexander Otto sold 357,568 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $14.39, for a total value of $5,145,403.52. Following the sale, the director now owns 16,582,983 shares in the company, valued at approximately $238,629,125.37. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last ninety days, insiders sold 1,578,775 shares of company stock valued at $22,785,354. 10.10% of the stock is owned by insiders.

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.