Site Centers Corp. Plans Special Dividend of $3.25 (NYSE:SITC)

Key Points

• Site Centers Corp. announced a special dividend of $3.25 per share, payable to shareholders on August 29th, with an ex-dividend date of September 2nd.
• The company reported earnings of $0.16 per share, meeting the consensus estimate but showing a significant decrease in revenue of 63.8% year-over-year.
• Site Centers has a market cap of $646.32 million and operates as a self-administered and self-managed REIT focused on open-air shopping centers.

Site Centers Corp. (NYSE:SITC - Get Free Report) announced a special dividend on Friday, August 1st. Investors of record on Friday, August 15th will be paid a dividend of 3.25 per share on Friday, August 29th. The ex-dividend date is Tuesday, September 2nd.

Site Centers Trading Down 0.6%

NYSE:SITC traded down $0.06 during mid-day trading on Friday, hitting $9.31. The company had a trading volume of 730,391 shares, compared to its average volume of 977,437. Site Centers has a fifty-two week low of $8.92 and a fifty-two week high of $30.56. The business's fifty day moving average is $11.38 and its two-hundred day moving average is $12.05. The firm has a market cap of $487.95 million, a P/E ratio of 1.38 and a beta of 1.40. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.74 and a current ratio of 1.74.

Site Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.16. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.The company had revenue of $30.66 million during the quarter, compared to analysts' expectations of $33.10 million. During the same period last year, the firm posted $0.27 earnings per share. The business's revenue was down 63.8% on a year-over-year basis. As a group, research analysts expect that Site Centers will post 3.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SITC. Piper Sandler reissued an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of Site Centers from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $31.46.

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.