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

Site Centers Corp. (NYSE:SITC) announced a special dividend on Tuesday, June 30th. Shareholders of record on Friday, July 17th will be given 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 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%

Shares of SITC opened at $3.98 on Wednesday. The company’s fifty day moving average is $5.15 and its 200-day moving average is $5.77. Site Centers has a 12 month low of $3.91 and a 12 month high of $12.39. The firm has a market cap of $208.57 million, a price-to-earnings ratio of 1.20 and a beta of 0.97.

Site Centers (NYSE:SITC) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.13. The business 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%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SITC. Piper Sandler boosted their price target on Site Centers from $5.50 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 22nd. Wall Street Zen downgraded Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus 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.