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

Site Centers Corp. (NYSE:SITC) declared a special dividend on Thursday, December 4th. Investors 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 by an average of 0.7%annually over the last three years. Site Centers has a payout ratio of -120.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Stock Down 0.8%

Site Centers stock opened at $7.22 on Friday. Site Centers has a 52 week low of $6.76 and a 52 week high of $15.93. The stock has a market cap of $378.50 million, a price-to-earnings ratio of 12.88 and a beta of 1.09. The company’s 50-day moving average price is $7.95 and its two-hundred day moving average price is $10.06. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.81.

Hedge Funds Weigh In On Site Centers

Institutional investors have recently bought and sold shares of the stock. Rush Island Management LP raised its holdings in Site Centers by 16.9% during the 2nd quarter. Rush Island Management LP now owns 2,749,546 shares of the company’s stock worth $31,097,000 after buying an additional 398,094 shares during the period. Invesco Ltd. boosted its holdings in shares of Site Centers by 3.9% in the first quarter. Invesco Ltd. now owns 2,203,583 shares of the company’s stock worth $28,294,000 after buying an additional 82,469 shares during the period. Conversant Capital LLC increased its position in shares of Site Centers by 506.4% in the first quarter. Conversant Capital LLC now owns 1,940,579 shares of the company’s stock worth $24,917,000 after acquiring an additional 1,620,579 shares in the last quarter. Newtyn Management LLC raised its holdings in shares of Site Centers by 76.1% during the third quarter. Newtyn Management LLC now owns 1,936,630 shares of the company’s stock valued at $17,449,000 after acquiring an additional 836,630 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Site Centers by 2.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,604,961 shares of the company’s stock valued at $18,154,000 after acquiring an additional 44,716 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

About Site Centers

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.