5 Best NYSE Penny Stocks to Buy According to Hedge Funds

In this article, we will list the 5 Best NYSE Penny Stocks to Buy According to Hedge Funds. Please visit 15 Best NYSE Penny Stocks to Buy According to Hedge Funds if you’d like to see an extended list and the methodology behind it.

5. SITE Centers Corp. (NYSE:SITC)

SITE Centers Corp. (NYSE:SITC) is one of the 15 best NYSE penny stocks to buy according to hedge funds.

On June 30, SITE Centers Corp. (NYSE:SITC) disclosed that it has divested its ground leasehold and all remaining stake in The Pike Outlets for a total consideration of $50 million, which will be received in cash. Net sale proceeds stood at roughly $46.5 million after making adjustments for certain allocations, prorations, leasing maintenance, and other credits.

New York Stock Exchange
Image: flickr.com

The Company’s Board also approved a special cash dividend of $1 per share, payable on July 31 to shareholders of record as of the close of business on July 17. The ex-dividend date for this payout is August 3.

Since this special dividend equates to more than 25% of the stock’s current price, the NYSE has suggested that the company’s common shares will trade on a due-bill basis. It represents an allocation of the entitlement to collect the special dividend from the record date of July 17 through the payment date of July 31.

Based on a median 1-year price target of $6, the stock currently offers more than 42% upside potential to investors.

SITE Centers Corp. (NYSE:SITC) is a self-managed real estate investment trust that owns and operates open-air shopping centers. As a highly integrated retail real estate business, it covers various functions such as leasing, redeveloping, and acquiring properties.