November 23, 2022

Piper Sandler Comments on SITE Centers Corp. First Quarter 2023 Results (NYSE: SITC)

SITE Centers Corp. (NYSE:SITC) – Piper Sandler analysts cut their first-quarter 2023 earnings per share (EPS) estimates for SITE Centers shares in a report released Wednesday, February 9. Piper Sandler analyst A. Goldfarb now expects the company to earn $0.29 per share for the quarter, down from its previous estimate of $0.30. Piper Sandler also released SITE Centers earnings estimates for the fourth quarter of 2023 at $0.33 EPS. SITE Centers (NYSE:SITC) last released its results on Wednesday, February 9. The company reported earnings per share (EPS) of $0.26 for the quarter, beating Thomson Reuters consensus estimate of $0.05 by $0.21. The SITE centers had a return on equity of 3.62% and a net margin of 13.58%. During the same period of the previous year, the company achieved EPS of $0.25.

Separately, TheStreet upgraded SITE Centers from a “c” rating to a “b-” rating in a Monday, October 25 research report. Two equity research analysts gave the stock a hold rating and three gave the company a buy rating. According to MarketBeat, SITE Centers currently has a consensus rating of “Buy” and an average price target of $16.75.

SITC opened at $15.05 on Friday. The company has a market capitalization of $3.18 billion, a P/E ratio of 75.25 and a beta of 1.65. SITE centers have a 12-month minimum of $11.99 and a 12-month maximum of $17.61. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt ratio of 0.97. The stock has a 50-day moving average of $15.28 and a 200-day moving average of $15.73.

In other news from SITE Centers, Director Alexander Otto sold 2,062,102 shares of the company in a trade that took place on Monday, November 15. The stock was sold at an average price of $16.54, for a total transaction of $34,107,167.08. The sale was disclosed in a filing with the Securities & Exchange Commission, available on the SEC’s website. 20.30% of the shares are held by insiders.

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Major investors have recently changed their positions in the company. Morgan Stanley increased its position in SITE Centers shares by 863.0% during the second quarter. Morgan Stanley now owns 7,875,803 shares of the company valued at $118,610,000 after purchasing an additional 7,057,976 shares during the period. Credit Suisse AG increased its stake in SITE Centers shares by 25.4% during the third quarter. Credit Suisse AG now owns 384,575 shares of the company valued at $5,938,000 after acquiring an additional 77,941 shares last quarter. Cinctive Capital Management LP purchased a new stake in SITE Centers stock during the second quarter at a value of approximately $4,409,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in SITE Centers shares by 7.7% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 255,312 shares of the company valued at $3,942,000 after acquiring an additional 18,257 shares last quarter. Finally, Goldman Sachs Group Inc. increased its stake in SITE Centers shares by 129.2% during the second quarter. Goldman Sachs Group Inc. now owns 5,596,905 shares of the company valued at $84,290,000 after acquiring 3,154,513 additional shares last quarter. Institutional investors and hedge funds own 96.90% of the company’s shares.

SITE Centers Company Profile

SITE Centers Corp. is a real estate investment trust engaged in the acquisition, development, leasing and management of shopping centers. It operates through the Shopping Centers and Loan Investments segments. The company was founded in 1965 and is based in Beachwood, OH.

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