Bank of New York Mellon Corp Invests $56.84 Million in OUTFRONT Media Inc. $OUT

Key Points

• Bank of New York Mellon acquired 1.74 million OUTFRONT Media shares worth approximately $56.84 million, giving it a 0.99% stake. Other institutional investors also increased their holdings.
• OUTFRONT Media reported quarterly EPS of $0.68, beating estimates of $0.38, while revenue rose 13.5% year over year to $522.5 million.
• The company raised its quarterly dividend from $0.30 to $0.33 per share, implying a 4.3% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $34.

Bank of New York Mellon Corp acquired a new position in shares of OUTFRONT Media Inc. (NYSE:OUT - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,735,017 shares of the financial services provider's stock, valued at approximately $56,839,000. Bank of New York Mellon Corp owned approximately 0.99% of OUTFRONT Media as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of OUT. Gamco Investors INC. ET AL boosted its position in OUTFRONT Media by 0.7% during the first quarter. Gamco Investors INC. ET AL now owns 51,648 shares of the financial services provider's stock valued at $1,369,000 after purchasing an additional 351 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of OUTFRONT Media by 4.6% in the 2nd quarter. GAMMA Investing LLC now owns 10,048 shares of the financial services provider's stock valued at $329,000 after buying an additional 440 shares during the last quarter. CWM LLC boosted its holdings in shares of OUTFRONT Media by 5.5% in the 4th quarter. CWM LLC now owns 8,682 shares of the financial services provider's stock valued at $209,000 after buying an additional 453 shares during the last quarter. Maryland State Retirement & Pension System grew its stake in shares of OUTFRONT Media by 2.2% in the fourth quarter. Maryland State Retirement & Pension System now owns 21,383 shares of the financial services provider's stock valued at $515,000 after buying an additional 468 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its stake in shares of OUTFRONT Media by 1.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 33,256 shares of the financial services provider's stock valued at $801,000 after buying an additional 500 shares in the last quarter.

Insider Transactions at OUTFRONT Media

In other news, EVP James Michael Norton bought 4,130 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was bought at an average cost of $30.81 per share, for a total transaction of $127,245.30. Following the transaction, the executive vice president 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Richard H. Sauer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $32.08, for a total transaction of $160,400.00. Following the sale, the executive vice president owned 56,947 shares in the company, valued at $1,826,859.76. This represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 20,000 shares of company stock valued at $629,600. 0.45% of the stock is owned by insiders.

OUTFRONT Media Price Performance

Shares of OUTFRONT Media stock opened at $30.51 on Thursday. OUTFRONT Media Inc. has a twelve month low of $16.97 and a twelve month high of $34.96. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 3.50. The company has a 50-day simple moving average of $31.78 and a two-hundred day simple moving average of $30.11. The stock has a market capitalization of $5.37 billion, a price-to-earnings ratio of 21.95 and a beta of 1.49.

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

OUTFRONT Media Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be given a $0.33 dividend. The ex-dividend date is Friday, September 4th. This is an increase 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 4.3%. OUTFRONT Media's dividend payout ratio (DPR) is 86.33%.

Analysts Set New Price Targets

A number of brokerages have commented on OUT. Wells Fargo & Company increased their price target on shares of OUTFRONT Media from $35.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Wall Street Zen lowered shares of OUTFRONT Media from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 26th. TD Cowen reaffirmed a "buy" rating and issued a $40.00 target price (up from $38.00) on shares of OUTFRONT Media in a report on Thursday, August 6th. Barrington Research set a $38.00 target price on shares of OUTFRONT Media in a research note on Tuesday, May 12th. Finally, Morgan Stanley set a $37.00 price target on OUTFRONT Media in a report on Friday, May 8th. Six investment 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, the company currently has an average rating of "Moderate Buy" and an average price target of $34.00.

OUTFRONT Media Company Profile

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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