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- SITE Centers Corp. (NYSE:SITC) said Tuesday its board authorized a new $100M common stock buyback program.
- Availability under the retail REIT's prior repurchase plan was exhausted in December following Q4 buybacks of ~$22.2M funded with proceeds from wholly-owned property dispositions, it said.
- For the new buyback plan, the company may pursue open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares. The timing of the repurchases will depends on market and business conditions.
- SITC edged up 0.5% in Tuesday's session but dropped 18.3% year-to-date. Generally speaking, buybacks often boosts the stock price since the repurchasing of shares reduces the supply of shares outstanding.
- Seeking Alpha contributor Justin Purohit took a Neutral stance on SITC, saying its suburban portfolio remains attractive following stronger-than-expected Q3 earnings.