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

Site Centers Corp. (NYSE:SITC) 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. Stockholders of record on Monday, June 30th will be paid a $1.50 dividend.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SITC shares. Piper Sandler lowered their price objective on 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 decreased 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 report on Wednesday, March 26th. Finally, Wall Street Zen raised shares of Site Centers from a “sell” rating to a “hold” rating in a research report on Friday, June 6th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.25.

Site Centers Trading Up 7.7%

The company has a market cap of $647.74 million, a price-to-earnings ratio of 1.20 and a beta of 1.32. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.58. The firm’s 50-day moving average price is $11.93 and its 200 day moving average price is $13.45.

Site Centers (NYSE:SITC) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.02). The company had revenue of $40.35 million for the quarter, compared to analyst estimates of $33.50 million. Site Centers had a return on equity of 39.38% and a net margin of 201.78%. The business’s quarterly revenue was down 66.6% compared to the same quarter last year. During the same period last year, the business earned $0.28 EPS. As a group, equities analysts expect that Site Centers Corp. will post 3.24 EPS for the current year.

Institutional Trading of Site Centers

Several large investors have recently modified their holdings of SITC. Covestor Ltd lifted its holdings in shares of Site Centers by 483.2% in the 4th quarter. Covestor Ltd now owns 3,756 shares of the company’s stock worth $57,000 after purchasing an additional 3,112 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of Site Centers by 256.7% in the 1st quarter. AlphaQuest LLC now owns 4,848 shares of the company’s stock worth $62,000 after purchasing an additional 3,489 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Site Centers by 1,223.2% in the 1st quarter. GAMMA Investing LLC now owns 8,230 shares of the company’s stock worth $106,000 after purchasing an additional 7,608 shares in the last quarter. Strs Ohio bought a new position in shares of Site Centers in the 1st quarter worth $114,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Site Centers by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock worth $138,000 after purchasing an additional 833 shares in 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.