Site Centers Corp. (NYSE:SITC) Announces Special Dividend of $3.00

Site Centers Corp. (NYSE:SITC) announced a special dividend on Thursday, October 15th. Investors of record on Tuesday, October 27th will be paid a dividend of $3.00 per share on Thursday, November 5th.

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% 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 Price Performance

NYSE SITC opened at $3.00 on Friday. The stock has a market capitalization of $157.67 million, a P/E ratio of 1.25 and a beta of 0.97. The business has a 50 day simple moving average of $3.03 and a 200 day simple moving average of $4.24. Site Centers has a one year low of $2.80 and a one year high of $8.95.

Site Centers (NYSE:SITC) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.08. The firm had revenue of $6.85 million for the quarter, compared to analyst estimates of $8.20 million. Site Centers had a return on equity of 40.56% and a net margin of 219.18%.

Hedge Funds Weigh In On Site Centers

Several institutional investors have recently bought and sold shares of SITC. BlackRock Inc. bought a new position in Site Centers during the second quarter valued at $20,004,000. Rush Island Management LP lifted its position in shares of Site Centers by 11.4% during the 1st quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock valued at $24,007,000 after buying an additional 456,032 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Site Centers by 176.0% during the 1st quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company’s stock worth $12,217,000 after acquiring an additional 1,442,755 shares during the period. Jefferies Financial Group Inc. purchased a new stake in Site Centers in the 2nd quarter worth about $7,222,000. Finally, Kore Advisors LP bought a new stake in Site Centers in the 1st quarter valued at about $4,304,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Site Centers Company Profile

SITE Centers Corp. (NYSE: SITC) is a real estate investment trust that owns, operates and manages open-air shopping centers in the United States. The company primarily focuses on high-quality, grocery-anchored centers located in suburban communities, where its properties serve as convenient destinations for everyday shopping, dining and services.

The company’s portfolio includes shopping centers leased to grocery stores, restaurants, retailers, personal-service providers and other essential or convenience-oriented businesses.