$116.83 Million in Sales Expected for SITE Centers Corp. (SITC) This Quarter

Wall Street brokerages predict that SITE Centers Corp. (NASDAQ:SITC) will report $116.83 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for SITE Centers’ earnings, with the highest sales estimate coming in at $127.59 million and the lowest estimate coming in at $106.04 million. SITE Centers reported sales of $206.96 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 43.5%. The firm is scheduled to issue its next quarterly earnings report after the market closes on Tuesday, April 23rd.

On average, analysts expect that SITE Centers will report full year sales of $474.86 million for the current financial year, with estimates ranging from $430.46 million to $514.86 million. For the next year, analysts anticipate that the business will post sales of $494.08 million, with estimates ranging from $462.93 million to $537.42 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for SITE Centers.

SITE Centers (NASDAQ:SITC) last issued its earnings results on Wednesday, February 20th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.01. The company had revenue of $121.50 million for the quarter, compared to analysts’ expectations of $128.54 million. SITE Centers’s quarterly revenue was down 42.0% compared to the same quarter last year.

A number of analysts recently weighed in on the stock. TheStreet raised shares of SITE Centers from a “d+” rating to a “c-” rating in a research note on Thursday, February 21st. Zacks Investment Research downgraded shares of SITE Centers from a “hold” rating to a “sell” rating in a report on Saturday, January 26th. Mizuho upgraded shares of SITE Centers from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $12.00 to $14.00 in a report on Wednesday, January 23rd. Finally, Capital One Financial upgraded shares of SITE Centers from an “equal weight” rating to an “overweight” rating in a report on Friday, November 30th.

NASDAQ:SITC traded down $0.16 during mid-day trading on Wednesday, reaching $13.62. The company’s stock had a trading volume of 1,002,459 shares, compared to its average volume of 981,943. SITE Centers has a 1 year low of $10.71 and a 1 year high of $15.07.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 2nd. Stockholders of record on Friday, March 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 5.87%.

In related news, CEO David R. Lukes acquired 15,000 shares of the business’s stock in a transaction dated Monday, December 31st. The shares were purchased at an average price of $11.00 per share, for a total transaction of $165,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional investors and hedge funds have recently bought and sold shares of the company. We Are One Seven LLC purchased a new stake in SITE Centers in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new stake in SITE Centers in the fourth quarter valued at approximately $28,000. American International Group Inc. purchased a new stake in SITE Centers in the fourth quarter valued at approximately $31,000. SRS Capital Advisors Inc. purchased a new stake in SITE Centers in the fourth quarter valued at approximately $62,000. Finally, Commonwealth Bank of Australia purchased a new stake in SITE Centers in the fourth quarter valued at approximately $70,000.

About SITE Centers

SITE is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.

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Earnings History and Estimates for SITE Centers (NASDAQ:SITC)

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