Site Centers Corp. (NYSE:SITC) Sees Significant Increase in Short Interest

Site Centers Corp. (NYSE:SITC) saw a large increase in short interest in the month of December. As of December 15th, there was short interest totaling 5,790,749 shares, an increase of 51.8% from the November 30th total of 3,815,309 shares. Based on an average daily volume of 1,662,941 shares, the days-to-cover ratio is presently 3.5 days. Currently, 12.3% of the company’s shares are sold short. Currently, 12.3% of the company’s shares are sold short. Based on an average daily volume of 1,662,941 shares, the days-to-cover ratio is presently 3.5 days.

Site Centers Stock Down 0.6%

NYSE SITC traded down $0.04 on Tuesday, reaching $6.43. The company had a trading volume of 939,215 shares, compared to its average volume of 1,104,617. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.59 and a quick ratio of 1.59. Site Centers has a 1 year low of $6.23 and a 1 year high of $15.93. The firm has a 50-day moving average of $7.27 and a 200-day moving average of $9.41. The firm has a market capitalization of $337.21 million, a PE ratio of 11.48 and a beta of 1.09.

Site Centers Announces Dividend

The company also recently declared a special dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Monday, December 15th.

Hedge Funds Weigh In On Site Centers

A number of institutional investors have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. grew its holdings in shares of Site Centers by 7.0% during the second quarter. Daiwa Securities Group Inc. now owns 16,778 shares of the company’s stock valued at $190,000 after purchasing an additional 1,092 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Site Centers by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,217 shares of the company’s stock valued at $362,000 after purchasing an additional 1,185 shares during the period. State of Tennessee Department of Treasury boosted its position in Site Centers by 6.7% during the 2nd quarter. State of Tennessee Department of Treasury now owns 20,253 shares of the company’s stock valued at $229,000 after purchasing an additional 1,274 shares during the period. Creative Planning grew its stake in Site Centers by 8.8% during the 2nd quarter. Creative Planning now owns 18,472 shares of the company’s stock worth $209,000 after buying an additional 1,495 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Site Centers by 12.3% in the first quarter. American Century Companies Inc. now owns 13,864 shares of the company’s stock worth $178,000 after buying an additional 1,516 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Piper Sandler decreased their price target on Site Centers from $12.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a research report on Monday. LADENBURG THALM/SH SH initiated coverage on shares of Site Centers in a report on Tuesday, September 9th. They issued a “neutral” rating and a $10.00 price target on the stock. Finally, Wall Street Zen downgraded Site Centers from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Site Centers currently has a consensus rating of “Hold” and an average price target of $11.50.

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.