SITE Centers Corp. (SITC) to Issue Quarterly Dividend of $0.13 on July 6th

SITE Centers Corp. (NYSE:SITCGet Rating) declared a quarterly dividend on Thursday, May 12th, Wall Street Journal reports. Investors of record on Thursday, June 9th will be given a dividend of 0.13 per share on Wednesday, July 6th. This represents a $0.52 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Wednesday, June 8th.

SITE Centers has decreased its dividend by an average of 15.5% per year over the last three years and has increased its dividend every year for the last 2 years. SITE Centers has a dividend payout ratio of 236.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect SITE Centers to earn $1.20 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 43.3%.

NYSE:SITC opened at $15.06 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.35 and a current ratio of 0.35. SITE Centers has a one year low of $13.98 and a one year high of $17.61. The business’s 50-day simple moving average is $16.11 and its 200 day simple moving average is $15.80. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 30.73 and a beta of 1.52.

SITE Centers (NYSE:SITCGet Rating) last released its quarterly earnings results on Tuesday, April 26th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. SITE Centers had a return on equity of 6.61% and a net margin of 24.41%. The business had revenue of $131.10 million for the quarter, compared to analysts’ expectations of $126.07 million. During the same quarter in the previous year, the firm posted $0.28 earnings per share. The company’s revenue was up 9.3% compared to the same quarter last year. On average, equities research analysts predict that SITE Centers will post 1.13 EPS for the current year.

In other SITE Centers news, CEO David R. Lukes sold 310,797 shares of the stock in a transaction on Thursday, April 28th. The stock was sold at an average price of $16.59, for a total transaction of $5,156,122.23. Following the completion of the transaction, the chief executive officer now directly owns 1,164,513 shares of the company’s stock, valued at approximately $19,319,270.67. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Christa A. Vesy sold 35,000 shares of the stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $16.88, for a total value of $590,800.00. The disclosure for this sale can be found here. Insiders sold a total of 355,297 shares of company stock valued at $5,900,632 over the last three months. Corporate insiders own 20.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of SITC. NEXT Financial Group Inc bought a new position in SITE Centers during the 4th quarter valued at $60,000. Lazard Asset Management LLC bought a new stake in shares of SITE Centers during the 1st quarter worth $76,000. Stifel Financial Corp bought a new stake in shares of SITE Centers during the 4th quarter worth $160,000. Guggenheim Capital LLC bought a new stake in shares of SITE Centers during the 4th quarter worth $171,000. Finally, Jane Street Group LLC bought a new stake in shares of SITE Centers during the 3rd quarter worth $174,000. 88.34% of the stock is owned by hedge funds and other institutional investors.

SITC has been the topic of several research reports. StockNews.com initiated coverage on SITE Centers in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Morgan Stanley dropped their price target on SITE Centers from $17.00 to $16.50 and set an “equal weight” rating on the stock in a research report on Thursday, March 3rd. TheStreet cut SITE Centers from a “b-” rating to a “c+” rating in a research report on Monday, May 2nd. Finally, Wells Fargo & Company increased their price target on SITE Centers from $16.50 to $18.50 and gave the stock an “overweight” rating in a research report on Thursday, April 7th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, SITE Centers currently has an average rating of “Buy” and a consensus price target of $18.20.

About SITE Centers (Get Rating)

SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.

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Dividend History for SITE Centers (NYSE:SITC)

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