SITE Centers Corp. (NYSE:SITC) Director Otto Alexander has sold a significant portion of his holdings in the company, according to the latest SEC filings. The transactions, which occurred on two separate days, resulted in a total sale value exceeding $3.9 million.
On June 18th, Alexander sold 82,984 common shares at a weighted average price of $14.396, with the range of prices for these transactions falling between $14.345 and $14.47. Two days later, on June 20th, he offloaded an additional 191,167 shares at an average price of $14.36, with individual sales prices ranging from $14.25 to $14.48.
Following these transactions, Alexander's (NYSE:ALX) ownership in SITE Centers Corp. stands at 18,353,147 shares. The sales were executed through multiple open market transactions at varying prices, as detailed in the footnotes of the SEC filing. The filing also indicates that Alexander undertook to provide full information regarding the number of shares sold at each separate price upon request.
The SEC filing was signed on behalf of Alexander by Frederic Arndts, the managing director of KG CURA Vermogensverwaltung G.m.b.H. & Co. This move by a high-ranking insider of SITE Centers Corp. provides investors with insights into executive stock transactions, which are often closely monitored for indications of a company's financial health and leadership confidence.
Investors and shareholders of SITE Centers Corp. can access full details of the transactions upon request, as the reporting person has committed to providing comprehensive information about the sales.
In other recent news, SITE Centers Corp. has been involved in significant property transactions. The company recently sold several assets for a total cash consideration of $495 million to an affiliate of Pine Tree. These properties, located in Phoenix, Columbus, Miami, Cincinnati, and Portland, are part of a broader strategy that has seen the company sell $1.0 billion in dispositions since mid-2023. SITE Centers also announced contracts for the sale of $649.6 million worth of assets, with an additional $1.2 billion under contracts or nonbinding letters of intent.
On the acquisition side, SITE Centers purchased two Convenience properties for $8.4 million and repurchased $15.9 million of its senior unsecured notes at a discount. Contracts for acquiring $78.0 million of Convenience properties are also in place, with over $150 million of similar properties secured.
In terms of recent financial developments, SITE Centers has set a quarterly dividend of $0.13 per share for the second quarter of 2024, demonstrating its commitment to providing returns to its investors. The company also released its operating results for the first quarter of 2024, which included strategic progress on spinning off its convenience portfolio into a new entity, Curbline Properties. This spin-off is expected to be finalized by October 1, 2024, with Curbline Properties anticipated to generate $79 million in net operating income for the year.
InvestingPro Insights
In light of the recent insider trading activity at SITE Centers Corp. (NYSE:SITC), investors may be seeking additional data points to assess the company's financial standing and future prospects. According to InvestingPro, SITE Centers Corp. has a market capitalization of approximately $3 billion and is trading at a P/E ratio of 13.89, which is considered low relative to its near-term earnings growth. This could suggest that the stock is potentially undervalued, offering an attractive entry point for value investors.
Despite a challenging environment that has seen revenue decline by 8.17% over the last twelve months as of Q1 2024, SITE Centers Corp. has maintained a strong gross profit margin of 70.02%. This indicates that while the company faces headwinds in sales, it has been able to efficiently manage its cost of goods sold to maintain profitability. Additionally, the company has upheld its dividend payments for 32 consecutive years, with a current yield of 3.6%, which could appeal to income-focused investors.
Two InvestingPro Tips that may interest potential investors include the fact that SITE Centers Corp. has raised its dividend for three consecutive years, showcasing a commitment to returning value to shareholders. Moreover, the company's stock generally trades with low price volatility, which might be favorable for investors with a lower risk tolerance.
For those considering a deeper analysis, InvestingPro offers a wealth of additional tips, including insights on earnings revisions, sales predictions, and net income expectations. In total, there are 12 additional InvestingPro Tips available for SITE Centers Corp. at https://www.investing.com/pro/SITC. For a limited time, investors can use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to an even broader array of investment analytics and data.
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