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Investing.com - Piper Sandler has reiterated its Overweight rating on SITE Centers Corp. (NYSE:SITC) ahead of the company’s second quarter 2025 earnings report, scheduled for July 24. The retail REIT, currently valued at $600 million, trades at an attractive P/E ratio of 1.09x, suggesting potential undervaluation according to InvestingPro metrics.
The firm noted that SITE Centers’ post-spin portfolio monetization is now beginning, with the retail transaction market showing signs of strengthening. This strengthening is evidenced by larger open air properties and malls trading in the market. The company maintains a strong dividend yield of 13.11% and has consistently paid dividends for 33 consecutive years.
SITE Centers currently maintains 32 remaining assets ranging from 45,000 square feet to 760,000 square feet, which Piper Sandler believes will appeal to a wide range of prospective buyers.
Based on initial sales in June, Piper Sandler estimates approximately 40% potential upside between the current stock price and their estimate of net asset value (NAV).
The firm’s NAV calculation assumes maximum wind down costs for the company as it continues its asset monetization strategy.
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