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

Site Centers Corp. (NYSE:SITC - Get Free Report) shares 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.

The newly announced dividend which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $1.50 dividend.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SITC shares. Wall Street Zen raised Site Centers from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Wells Fargo & Company dropped their price target on Site Centers from $17.00 to $14.50 and set an "equal weight" rating on the stock in a research report on Wednesday, March 26th. Finally, 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 research report on Friday, February 28th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Site Centers presently has a consensus rating of "Hold" and a consensus price target of $35.25.

Site Centers Stock Up 0.8%

The stock's fifty day moving average is $11.95 and its two-hundred day moving average is $13.43. 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 stock has a market capitalization of $654.19 million, a P/E ratio of 1.21 and a beta of 1.32.

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

Institutional Trading of Site Centers

A number of large investors have recently added to or reduced their stakes in SITC. Invesco Ltd. raised its position in shares of Site Centers by 777.4% in the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company's stock worth $32,432,000 after acquiring an additional 1,879,351 shares in the last quarter. Conversant Capital LLC lifted its holdings in Site Centers by 506.4% during the first quarter. Conversant Capital LLC now owns 1,940,579 shares of the company's stock worth $24,917,000 after acquiring an additional 1,620,579 shares during the period. Irenic Capital Management LP purchased a new position in shares of Site Centers during the 1st quarter valued at $18,911,000. Rush Island Management LP lifted its position in shares of Site Centers by 161.0% during 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 last quarter. Finally, Man Group plc lifted its position in shares of Site Centers by 1,126.0% during 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 last quarter. 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.