Site Centers Corp. Declares 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. Shareholders of record on Friday, August 15th will be given a dividend of 3.25 per share on Friday, August 29th. The ex-dividend date is Tuesday, September 2nd.

Site Centers Stock Performance

Shares of SITC stock traded up $0.11 during trading hours on Wednesday, reaching $9.09. The company had a trading volume of 1,526,828 shares, compared to its average volume of 828,269. Site Centers has a one year low of $8.92 and a one year high of $30.56. The business has a fifty day moving average price of $11.52 and a 200-day moving average price of $12.11. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.74 and a current ratio of 1.74. The firm has a market cap of $476.42 million, a PE ratio of 1.34 and a beta of 1.40.

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

Hedge Funds Weigh In On Site Centers

A number of institutional investors have recently bought and sold shares of the stock. State of Wyoming purchased a new position in shares of Site Centers during the 2nd quarter worth $214,000. Public Sector Pension Investment Board raised its position in shares of Site Centers by 7.4% during the 2nd quarter. Public Sector Pension Investment Board now owns 160,648 shares of the company's stock valued at $1,817,000 after buying an additional 11,045 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Site Centers by 112.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 14,357 shares of the company's stock worth $162,000 after purchasing an additional 7,602 shares during the period. State of Tennessee Department of Treasury raised its position in Site Centers by 6.7% in the 2nd quarter. State of Tennessee Department of Treasury now owns 20,253 shares of the company's stock worth $229,000 after purchasing an additional 1,274 shares during the period. Finally, Tidal Investments LLC raised its position in Site Centers by 13.8% in the 2nd quarter. Tidal Investments LLC now owns 35,429 shares of the company's stock worth $401,000 after purchasing an additional 4,301 shares during the period. 88.70% of the stock is owned by institutional investors.

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.