Bank of America Corp DE Trims Stake in OUTFRONT Media Inc. $OUT

Key Points

• Bank of America reduced its OUTFRONT Media stake by 22.9% in the first quarter, selling 217,140 shares and retaining 731,104 shares worth approximately $19.4 million. Other institutions, including Goldman Sachs and Woodline Partners, increased their positions.
• OUTFRONT Media reported quarterly EPS of $0.68, exceeding the $0.38 consensus estimate, while revenue rose 13.5% year over year to $522.5 million. The stock opened at $30.30, and analysts maintained a “Moderate Buy” consensus with a $34 average price target.
• The company raised its quarterly dividend from $0.30 to $0.33 per share, implying a 4.4% annualized yield. Insider activity was mixed, with one executive buying shares while other insiders sold 20,000 shares during the quarter.

Bank of America Corp DE reduced its holdings in shares of OUTFRONT Media Inc. (NYSE:OUT - Free Report) by 22.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 731,104 shares of the financial services provider's stock after selling 217,140 shares during the period. Bank of America Corp DE owned about 0.42% of OUTFRONT Media worth $19,374,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its position in OUTFRONT Media by 9.3% during the 1st quarter. AQR Capital Management LLC now owns 130,411 shares of the financial services provider's stock valued at $2,105,000 after acquiring an additional 11,073 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of OUTFRONT Media by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 85,971 shares of the financial services provider's stock valued at $1,388,000 after purchasing an additional 1,739 shares during the period. Goldman Sachs Group Inc. lifted its stake in OUTFRONT Media by 9.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,980,994 shares of the financial services provider's stock valued at $80,393,000 after acquiring an additional 448,993 shares during the period. Empowered Funds LLC grew its position in OUTFRONT Media by 12.4% during the 1st quarter. Empowered Funds LLC now owns 21,399 shares of the financial services provider's stock worth $345,000 after purchasing an additional 2,357 shares during the period. Finally, Woodline Partners LP raised its position in OUTFRONT Media by 45.6% during the first quarter. Woodline Partners LP now owns 36,888 shares of the financial services provider's stock valued at $595,000 after acquiring an additional 11,559 shares in the last quarter.

OUTFRONT Media Stock Up 1.1%

OUTFRONT Media stock opened at $30.30 on Thursday. The company has a market cap of $5.34 billion, a PE ratio of 21.80 and a beta of 1.49. OUTFRONT Media Inc. has a 1-year low of $16.97 and a 1-year high of $34.96. The stock's 50 day moving average price is $31.88 and its 200 day moving average price is $29.94. The company has a debt-to-equity ratio of 3.50, a current ratio of 0.67 and a quick ratio of 0.67.

OUTFRONT Media (NYSE:OUT - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.30. The company had revenue of $522.50 million for the quarter, compared to analyst estimates of $509.61 million. OUTFRONT Media had a return on equity of 37.44% and a net margin of 12.66%.OUTFRONT Media's revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 earnings per share. On average, sell-side analysts predict that OUTFRONT Media Inc. will post 2.15 EPS for the current fiscal year.

OUTFRONT Media Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 4th will be given a $0.33 dividend. This is a boost from OUTFRONT Media's previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, September 4th. OUTFRONT Media's dividend payout ratio (DPR) is presently 86.33%.

Insider Buying and Selling at OUTFRONT Media

In other OUTFRONT Media news, EVP James Michael Norton purchased 4,130 shares of the stock in a transaction on Thursday, June 11th. The stock was bought at an average price of $30.81 per share, for a total transaction of $127,245.30. Following the acquisition, the executive vice president directly owned 4,130 shares of the company's stock, valued at $127,245.30. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, EVP Richard H. Sauer sold 5,000 shares of the business's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $32.08, for a total value of $160,400.00. Following the transaction, the executive vice president owned 56,947 shares in the company, valued at approximately $1,826,859.76. This represents a 8.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,000 shares of company stock valued at $629,600 over the last quarter. 0.45% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on OUT shares. JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $38.00 price objective on shares of OUTFRONT Media in a report on Wednesday, July 22nd. Morgan Stanley set a $37.00 price target on shares of OUTFRONT Media in a research note on Friday, May 8th. Wall Street Zen cut OUTFRONT Media from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 26th. TD Cowen reiterated a "buy" rating and issued a $40.00 price objective (up from $38.00) on shares of OUTFRONT Media in a report on Thursday, August 6th. Finally, Barrington Research set a $38.00 price target on shares of OUTFRONT Media in a research note on Tuesday, May 12th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, OUTFRONT Media presently has a consensus rating of "Moderate Buy" and an average price target of $34.00.

About OUTFRONT Media

OUTFRONT Media Inc is a leading out-of-home (OOH) advertising company offering a broad range of billboard, transit and digital display solutions across major urban markets in the United States and Canada. Its portfolio encompasses traditional static billboards, high-resolution digital signage, transit media on buses, trains and taxis, as well as street furniture placements such as bus shelters, kiosks and urban panels. The company partners with brand marketers to deliver high-impact campaigns that engage consumers outside the home environment.

Through an extensive network of assets in key metropolitan areas, OUTFRONT provides advertisers with premium visibility along highways, city streets and transit corridors.

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