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

Site Centers Corp. (NYSE:SITC) 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 trading hands.

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

Wall Street Analysts Forecast Growth

SITC has been the subject of a number of research analyst reports. Piper Sandler cut their target price on shares of Site Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Wells Fargo & Company cut their target price on shares of Site Centers from $17.00 to $14.50 and set an “equal weight” rating for the company in a research note on Wednesday, March 26th. Finally, Wall Street Zen upgraded shares of Site Centers from a “sell” rating to a “hold” rating in a research note on Friday, June 6th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.25.

Site Centers Stock Up 7.7%

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.58. The company has a market cap of $647.80 million, a price-to-earnings ratio of 1.20 and a beta of 1.32. The stock has a fifty day moving average price of $11.91 and a two-hundred day moving average price of $13.48.

Site Centers (NYSE:SITC) last posted 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 company had revenue of $40.35 million during the quarter, compared to analyst estimates of $33.50 million. Site Centers had a net margin of 201.78% and a return on equity of 39.38%. The firm’s revenue for the quarter was down 66.6% compared to the same quarter last year. During the same period last year, the firm earned $0.28 EPS. As a group, sell-side analysts expect that Site Centers Corp. will post 3.24 EPS for the current year.

Institutional Trading of Site Centers

Several hedge funds and other institutional investors have recently made changes to their positions in SITC. Covestor Ltd increased its position in Site Centers by 483.2% during the 4th quarter. Covestor Ltd now owns 3,756 shares of the company’s stock valued at $57,000 after purchasing an additional 3,112 shares during the period. AlphaQuest LLC increased its position in Site Centers by 256.7% during the 1st quarter. AlphaQuest LLC now owns 4,848 shares of the company’s stock valued at $62,000 after purchasing an additional 3,489 shares during the period. GAMMA Investing LLC increased its position in Site Centers by 1,223.2% during the 1st quarter. GAMMA Investing LLC now owns 8,230 shares of the company’s stock valued at $106,000 after purchasing an additional 7,608 shares during the period. Strs Ohio acquired a new stake in Site Centers during the 1st quarter valued at approximately $114,000. Finally, Van ECK Associates Corp boosted its holdings in shares of Site Centers by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock worth $138,000 after buying an additional 833 shares in the last quarter. 88.70% of the stock is currently 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.