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

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

Hedge Funds Weigh In On Site Centers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pensionfund Sabic acquired a new position in shares of Site Centers in the 4th quarter valued at approximately $32,000. Pensionfund PDN bought a new stake in shares of Site Centers in the fourth quarter worth $48,000. SG Americas Securities LLC boosted its stake in Site Centers by 698.7% during the 4th quarter. SG Americas Securities LLC now owns 819,736 shares of the company’s stock valued at $5,263,000 after acquiring an additional 717,098 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Site Centers by 46.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,626 shares of the company’s stock worth $155,000 after acquiring an additional 7,838 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Site Centers by 18.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 561,110 shares of the company’s stock worth $5,056,000 after purchasing an additional 88,398 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Site Centers Stock Down 1.0%

NYSE SITC traded down $0.07 on Thursday, reaching $6.27. The company had a trading volume of 806,040 shares, 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. Site Centers has a 1 year low of $6.20 and a 1 year high of $15.93. The firm has a 50-day moving average of $6.80 and a 200-day moving average of $8.91. The firm has a market capitalization of $328.66 million, a PE ratio of 11.19 and a beta of 1.10.

Site Centers Announces Dividend

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

Analyst Ratings Changes

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

About Site Centers

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.