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

Site Centers Corp. (NYSE:SITC) announced a special dividend on Tuesday, June 30th. Investors 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 payment by an average of 0.5%per year 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.

Site Centers Stock Performance

Site Centers stock opened at $3.98 on Wednesday. Site Centers has a 1 year low of $3.91 and a 1 year high of $12.39. The firm has a 50 day moving average price of $5.15 and a 200 day moving average price of $5.77. The company 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 posted its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.13. The company had revenue of $13.02 million for the quarter, compared to the consensus estimate of $10.20 million. Site Centers had a net margin of 212.95% and a return on equity of 47.95%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SITC shares. Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Piper Sandler lifted 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 downgraded 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 given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price 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.