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

Site Centers Corp. (NYSE:SITC) announced a special dividend on Tuesday, June 30th. Stockholders of record on Friday, July 17th will be paid a dividend of 1.00 per share on Friday, July 31st. The ex-dividend date of this dividend is Friday, July 17th.

Site Centers has increased its dividend payment by an average of 0.5%per year over the last three years. Site Centers has a dividend 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.

Site Centers Stock Down 4.0%

NYSE:SITC opened at $3.98 on Wednesday. The stock has a fifty day simple moving average of $5.15 and a 200 day simple moving average of $5.77. The firm has a market capitalization of $208.57 million, a price-to-earnings ratio of 1.20 and a beta of 0.97. Site Centers has a 1-year low of $3.91 and a 1-year high of $12.39.

Site Centers (NYSE:SITC) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.13. The company had revenue of $13.02 million during the quarter, compared to analyst estimates of $10.20 million. Site Centers had a net margin of 212.95% and a return on equity of 47.95%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SITC. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a research note on Wednesday, June 24th. Piper Sandler increased their target price on Site Centers from $5.50 to $6.00 and gave the company a “neutral” rating in a report on Wednesday, April 22nd. Finally, Wall Street Zen cut Site Centers from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $8.00.

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.