SITE Centers (SITC) Divests Stake in The Pike Outlets for $50 Million

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.

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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.

While we acknowledge the risk and potential of SITC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SITC and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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