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. jason-dent-w3eFhqXjkZE-unsplash 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.