Site Centers Corp. (NYSE:SITC) Shares to Pay Special Dividend of $3.00

Key Points

• Site Centers declared a special $3.00-per-share dividend payable November 5 to shareholders of record as of October 27.
• The company’s dividend is not currently covered by earnings, with a reported payout ratio of -120.9%, suggesting reliance on its balance sheet to fund payments.
• SITC shares opened at $3.00, near their 52-week low of $2.80 and well below the 52-week high of $8.95; institutional investors own 88.7% of the stock.

Site Centers Corp. (NYSE:SITC - Get Free Report) announced a special dividend on Thursday, October 15th. Shareholders of record on Tuesday, October 27th will be given a dividend of $3.00 per share on Thursday, November 5th.

Site Centers has raised its dividend payment by an average of 0.5% 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.

Site Centers Stock Performance

Shares of SITC opened at $3.00 on Friday. Site Centers has a 52-week low of $2.80 and a 52-week high of $8.95. The firm has a market cap of $157.67 million, a price-to-earnings ratio of 1.25 and a beta of 0.97. The business's fifty day moving average is $3.03 and its 200-day moving average is $4.24.

Site Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.08. Site Centers had a return on equity of 40.56% and a net margin of 219.18%. The business had revenue of $6.85 million during the quarter, compared to the consensus estimate of $8.20 million.

Institutional Trading of Site Centers

Institutional investors have recently modified their holdings of the business. Bessemer Group Inc. lifted its stake in shares of Site Centers by 315,970.1% in the first quarter. Bessemer Group Inc. now owns 635,301 shares of the company's stock worth $3,431,000 after acquiring an additional 635,100 shares during the period. BlackRock Inc. bought a new stake in Site Centers in the second quarter valued at approximately $20,004,000. Rush Island Management LP increased its position in 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 purchasing an additional 456,032 shares during the period. Jefferies Financial Group Inc. acquired a new stake in Site Centers during the 2nd quarter valued at approximately $7,222,000. Finally, Bank of New York Mellon Corp bought a new position in Site Centers during the 2nd quarter worth approximately $921,000. Institutional investors own 88.70% of the company's stock.

About Site Centers

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.

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