SITE Centers Corp. (NYSE:SITC – Get Rating) announced a quarterly dividend on Thursday, September 8th, Wall Street Journal reports. Investors of record on Tuesday, September 20th will be given a dividend of 0.13 per share on Friday, October 7th. This represents a $0.52 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend is Monday, September 19th.
SITE Centers has decreased its dividend payment by an average of 15.5% per year over the last three years and has raised its dividend every year for the last 2 years. SITE Centers has a dividend payout ratio of 260.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect SITE Centers to earn $1.19 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 43.7%.
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SITE Centers Stock Up 0.1 %
Shares of NYSE SITC traded up $0.01 during midday trading on Thursday, hitting $13.14. The stock had a trading volume of 2,679,874 shares, compared to its average volume of 2,029,305. The business's 50 day moving average is $13.85 and its 200-day moving average is $14.87. The company has a market cap of $2.81 billion, a P/E ratio of 18.76 and a beta of 1.51. SITE Centers has a 52 week low of $12.40 and a 52 week high of $17.61. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.97.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on SITC shares. StockNews.com raised shares of SITE Centers from a "sell" rating to a "hold" rating in a research note on Tuesday, August 9th. Jefferies Financial Group cut their target price on shares of SITE Centers from $17.00 to $13.00 and set a "hold" rating on the stock in a research report on Thursday, June 30th. Morgan Stanley cut their target price on shares of SITE Centers from $15.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Friday, July 15th. Stifel Nicolaus lowered their price target on shares of SITE Centers from $18.00 to $16.00 in a report on Thursday, July 28th. Finally, Piper Sandler lowered their target price on shares of SITE Centers to $18.00 in a research note on Monday, July 4th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.15.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC acquired a new stake in shares of SITE Centers during the first quarter worth $76,000. First Manhattan Co. bought a new stake in shares of SITE Centers during the 1st quarter worth about $155,000. Vanguard Personalized Indexing Management LLC boosted its stake in shares of SITE Centers by 27.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 12,946 shares of the company's stock worth $174,000 after acquiring an additional 2,805 shares in the last quarter. Captrust Financial Advisors bought a new stake in SITE Centers during the 2nd quarter valued at approximately $175,000. Finally, Mackenzie Financial Corp bought a new stake in SITE Centers during the 1st quarter valued at approximately $182,000. 87.89% of the stock is currently owned by institutional investors.
SITE Centers Company Profile
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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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