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John M. Cattonar, the Executive Vice President and Chief Investment Officer of SITE Centers Corp. (NYSE:SITC), recently sold 8,794 common shares of the company. The shares were sold at a weighted average price of $15.2176, resulting in a total transaction value of approximately $133,823. Following this transaction, Cattonar no longer holds any shares directly in the company. The sale comes as SITE Centers maintains a "GREAT" financial health rating according to InvestingPro analysis, with the stock offering a substantial 13.5% dividend yield and a 32-year track record of consistent dividend payments.
The transaction took place on December 23, 2024, and was disclosed in a Form 4 filing with the Securities and Exchange Commission. The shares were sold in multiple transactions at prices ranging from $15.21 to $15.245. Despite the insider sale, InvestingPro analysis suggests the stock is currently undervalued, with the company trading at attractive multiples including a P/B ratio of 0.32. For deeper insights, investors can access the comprehensive Pro Research Report, available for SITC and 1,400+ other US stocks, offering expert analysis and actionable intelligence.
In other recent news, SITE Centers Corp. has been active in the market with significant transactions and strategic shifts. The real estate investment trust recently sold 13 properties, generating $714.3 million, and acquired six convenience shopping centers for $111.2 million. These actions are part of a broader strategy following the recent spin-off of Curbline Properties Corp., with the proceeds primarily intended for debt repayment.
Citi has revised its outlook on SITE Centers, reducing its price target from $18.00 to $16.00, while maintaining a Neutral rating. This adjustment follows a review of the company's third-quarter results and a downward revision of the estimated funds from operations (FFO) for the year 2025, from $1.76 to $1.01. The net asset value (NAV) estimate for SITE Centers has also been revised from $21.35 to $15.51.
KeyBanc has adjusted its rating on SITE Centers, moving from Overweight to Sector Weight, in response to these recent developments. The firm anticipates that SITE Centers will continue its asset sale strategy post-spin-off. Concurrently, KeyBanc has also initiated coverage of Curbline Properties, providing insights into the prospects of both companies following the spin-off.
SITE Centers has also reported its second-quarter earnings of 2024, maintaining an Overweight rating from KeyBanc. In addition to these financial updates, the company has made significant changes to its board, reducing its size from eight to five members, in anticipation of the spin-off.
SITE Centers shareholders are set to receive two shares of Curbline common stock for every share they own. These are the recent developments that investors should be aware of.
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