Short Interest in Site Centers Corp. (NYSE:SITC) Drops By 48.5%

Site Centers Corp. (NYSE:SITC) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totaling 2,983,218 shares, a drop of 48.5% from the December 15th total of 5,790,749 shares. Approximately 6.3% of the company’s stock are short sold. Based on an average daily volume of 2,162,530 shares, the short-interest ratio is presently 1.4 days. Based on an average daily volume of 2,162,530 shares, the short-interest ratio is presently 1.4 days. Approximately 6.3% of the company’s stock are short sold.

Site Centers Price Performance

Shares of NYSE SITC traded down $0.07 during mid-day trading on Thursday, reaching $6.27. 806,040 shares of the company traded hands, compared to its average volume of 1,574,325. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.59 and a quick ratio of 1.59. The firm has a market cap of $328.66 million, a PE ratio of 11.19 and a beta of 1.10. The stock has a fifty day simple moving average of $6.80 and a 200-day simple moving average of $8.91. Site Centers has a fifty-two week low of $6.20 and a fifty-two week high of $15.93.

Site Centers Dividend Announcement

The business also recently disclosed a special dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th were given a dividend of $1.00 per share. The ex-dividend date was Monday, December 15th.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SITC. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a research report on Monday, December 29th. Piper Sandler restated an “overweight” rating and issued a $8.00 price target (down from $10.00) on shares of Site Centers in a research report on Monday, January 5th. Finally, Wall Street Zen lowered shares of Site Centers from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.83.

Institutional Investors Weigh In On Site Centers

A number of institutional investors and hedge funds have recently modified their holdings of SITC. Daiwa Securities Group Inc. increased its stake in Site Centers by 7.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 16,778 shares of the company’s stock valued at $190,000 after buying an additional 1,092 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Site Centers by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,217 shares of the company’s stock worth $362,000 after acquiring an additional 1,185 shares during the last quarter. State of Tennessee Department of Treasury raised its holdings in shares of Site Centers by 6.7% during the second quarter. State of Tennessee Department of Treasury now owns 20,253 shares of the company’s stock worth $229,000 after acquiring an additional 1,274 shares in the last quarter. Creative Planning lifted its holdings in shares of Site Centers by 8.8% during the 2nd quarter. Creative Planning now owns 18,472 shares of the company’s stock valued at $209,000 after buying an additional 1,495 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Site Centers by 11.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,788 shares of the company’s stock valued at $144,000 after acquiring an additional 1,670 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Site Centers Company Profile

Site Centers (NYSE:SITC) is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of grocery-anchored shopping centers. The company’s portfolio comprises open-air retail properties that primarily serve daily needs tenants and national retailers. By concentrating on neighborhood and community shopping centers, Site Centers aims to provide stable occupancy levels and resilient income streams driven by essential services such as supermarkets, pharmacies and convenient dining options.

Originally known as DDR Corp., the company rebranded as Site Centers in 2021 to emphasize its strategic focus on high-quality retail assets and long-term value creation.