Zacks: Analysts Anticipate SITE Centers Corp. (NASDAQ:SITC) Will Announce Quarterly Sales of $111.45 Million

Analysts expect SITE Centers Corp. (NASDAQ:SITC) to announce sales of $111.45 million for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for SITE Centers’ earnings. The highest sales estimate is $113.75 million and the lowest is $110.24 million. SITE Centers reported sales of $128.98 million during the same quarter last year, which indicates a negative year over year growth rate of 13.6%. The business is expected to issue its next quarterly earnings report before the market opens on Wednesday, October 30th.

On average, analysts expect that SITE Centers will report full year sales of $450.90 million for the current financial year, with estimates ranging from $439.78 million to $457.04 million. For the next fiscal year, analysts expect that the firm will post sales of $465.86 million, with estimates ranging from $451.92 million to $478.69 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for SITE Centers.

SITE Centers (NASDAQ:SITC) last released its earnings results on Monday, July 29th. The company reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.23). The company had revenue of $113.50 million during the quarter, compared to the consensus estimate of $113.12 million. The firm’s quarterly revenue was down 44.4% on a year-over-year basis.

A number of research analysts recently issued reports on SITC shares. Compass Point started coverage on shares of SITE Centers in a research note on Thursday, August 15th. They issued a “neutral” rating and a $14.00 target price on the stock. Zacks Investment Research raised shares of SITE Centers from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Tuesday, October 1st. Finally, Mizuho downgraded shares of SITE Centers from a “buy” rating to a “neutral” rating and set a $14.00 price objective for the company. in a research report on Friday, September 13th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $14.67.

Several institutional investors and hedge funds have recently bought and sold shares of SITC. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of SITE Centers by 37.3% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,296 shares of the company’s stock valued at $43,000 after acquiring an additional 896 shares in the last quarter. Phocas Financial Corp. acquired a new stake in SITE Centers in the second quarter valued at $7,244,000. Machina Capital S.A.S. acquired a new stake in SITE Centers in the second quarter valued at $74,000. SRS Capital Advisors Inc. acquired a new stake in SITE Centers in the second quarter valued at $76,000. Finally, Chicago Equity Partners LLC acquired a new stake in SITE Centers in the second quarter valued at $132,000.

NASDAQ:SITC traded up $0.16 during midday trading on Friday, reaching $15.25. The stock had a trading volume of 46,729 shares, compared to its average volume of 1,002,374. SITE Centers has a 1-year low of $10.71 and a 1-year high of $15.23. The firm’s fifty day simple moving average is $14.67 and its 200-day simple moving average is $13.80.

The firm also recently announced a — dividend, which was paid on Tuesday, October 8th. Stockholders of record on Monday, September 23rd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, September 20th. This represents a dividend yield of 5.4%.

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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