Site Centers (NYSE:SITC) Shares Gap Up After Dividend Announcement

Shares of Site Centers Corp. (NYSE:SITC - Get Free Report) gapped up prior to trading on Wednesday after the company announced a dividend. The stock had previously closed at $11.47, but opened at $11.81. Site Centers shares last traded at $12.19, with a volume of 239,658 shares traded.

The newly announced dividend which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $1.50 dividend. Site Centers's payout ratio is currently 5.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wells Fargo & Company cut their target price on Site Centers from $17.00 to $14.50 and set an "equal weight" rating for the company in a research report on Wednesday, March 26th. Piper Sandler dropped their price target on Site Centers from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Finally, Wall Street Zen upgraded Site Centers from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $35.25.

Site Centers Trading Up 7.7%

The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92. The company's 50 day moving average is $11.91 and its two-hundred day moving average is $13.48. The firm has a market cap of $647.74 million, a P/E ratio of 1.20 and a beta of 1.32.

Site Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.02). The business had revenue of $40.35 million for the quarter, compared to the consensus estimate of $33.50 million. Site Centers had a return on equity of 39.38% and a net margin of 201.78%. The firm's revenue for the quarter was down 66.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.28 EPS. On average, sell-side analysts predict that Site Centers Corp. will post 3.24 earnings per share for the current year.

Institutional Trading of Site Centers

Several hedge funds have recently modified their holdings of SITC. Invesco Ltd. increased its holdings in shares of Site Centers by 777.4% in the fourth quarter. Invesco Ltd. now owns 2,121,114 shares of the company's stock valued at $32,432,000 after purchasing an additional 1,879,351 shares in the last quarter. Conversant Capital LLC grew its holdings in shares of Site Centers by 506.4% in the 1st quarter. Conversant Capital LLC now owns 1,940,579 shares of the company's stock valued at $24,917,000 after buying an additional 1,620,579 shares during the period. Irenic Capital Management LP acquired a new position in shares of Site Centers in the 1st quarter valued at $18,911,000. Rush Island Management LP grew its holdings in shares of Site Centers by 161.0% in the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company's stock valued at $24,193,000 after buying an additional 976,110 shares during the period. Finally, Man Group plc grew its holdings in shares of Site Centers by 1,126.0% in the 4th quarter. Man Group plc now owns 771,623 shares of the company's stock valued at $11,798,000 after buying an additional 708,685 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

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.