Site Centers Corp. (NYSE:SITC) Plans $1.00 Special Dividend

Site Centers Corp. (NYSE:SITC) announced a special dividend on Thursday, December 4th. Stockholders of record on Monday, December 15th will be paid a dividend of 1.00 per share on Tuesday, December 30th. The ex-dividend date of this dividend is Monday, December 15th.

Site Centers has increased its dividend payment by an average of 0.7%per year over the last three years. Site Centers has a payout ratio of -120.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Site Centers to earn $0.92 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 56.5%.

Site Centers Trading Down 0.8%

NYSE:SITC opened at $7.22 on Friday. The stock has a market cap of $378.50 million, a price-to-earnings ratio of 12.88 and a beta of 1.09. Site Centers has a one year low of $6.76 and a one year high of $15.93. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.59 and a current ratio of 1.59. The business’s 50-day simple moving average is $7.95 and its 200 day simple moving average is $10.06.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. LADENBURG THALM/SH SH started coverage on shares of Site Centers in a research report on Tuesday, September 9th. They set a “neutral” rating and a $10.00 price target for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Site Centers in a research note on Monday. Piper Sandler dropped their target price on shares of Site Centers from $12.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Finally, Wall Street Zen lowered shares of Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $12.63.

Site Centers Company Profile

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. 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.