DAVENPORT & Co LLC Grows Stock Position in OUTFRONT Media Inc. $OUT

Key Points

• DAVENPORT & Co LLC raised its stake in OUTFRONT Media Inc. by 1.3% in Q2, now owning approximately 1.63 million shares worth $26.6 million.
• OUTFRONT Media reported Q2 earnings of $0.51 per share, exceeding estimates, despite a 3.6% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.30 per share, yielding 6.6%, although its payout ratio stands at a high 206.90%.

DAVENPORT & Co LLC grew its position in shares of OUTFRONT Media Inc. (NYSE:OUT - Free Report) by 1.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,635,585 shares of the financial services provider's stock after purchasing an additional 21,079 shares during the period. DAVENPORT & Co LLC owned approximately 0.98% of OUTFRONT Media worth $26,595,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in OUT. Advisors Capital Management LLC acquired a new stake in OUTFRONT Media during the 1st quarter valued at $22,330,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in OUTFRONT Media in the 1st quarter valued at about $14,177,000. Boothbay Fund Management LLC acquired a new stake in shares of OUTFRONT Media during the first quarter valued at about $11,388,000. Invesco Ltd. increased its position in shares of OUTFRONT Media by 7.6% during the first quarter. Invesco Ltd. now owns 7,836,183 shares of the financial services provider's stock worth $126,476,000 after acquiring an additional 555,568 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of OUTFRONT Media by 9.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,980,994 shares of the financial services provider's stock worth $80,393,000 after acquiring an additional 448,993 shares in the last quarter.

Insider Transactions at OUTFRONT Media

In other OUTFRONT Media news, EVP Mark Emilio Bonanni sold 4,126 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $19.38, for a total value of $79,961.88. Following the transaction, the executive vice president owned 4,170 shares of the company's stock, valued at $80,814.60. This trade represents a 49.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Pep Viii Gp Llc sold 8,400,000 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $18.06, for a total value of $151,704,000.00. Following the transaction, the insider directly owned 8,913,813 shares of the company's stock, valued at $160,983,462.78. This trade represents a 48.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.47% of the company's stock.

OUTFRONT Media Price Performance

Shares of NYSE OUT opened at $18.11 on Tuesday. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 4.60. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of 30.98, a price-to-earnings-growth ratio of 1.06 and a beta of 1.84. OUTFRONT Media Inc. has a twelve month low of $12.95 and a twelve month high of $19.80. The business has a 50 day simple moving average of $18.39 and a 200-day simple moving average of $16.87.

OUTFRONT Media (NYSE:OUT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. OUTFRONT Media had a return on equity of 18.07% and a net margin of 5.99%.The firm had revenue of $460.20 million for the quarter, compared to analysts' expectations of $463.16 million. During the same period last year, the business posted $0.50 earnings per share. The firm's revenue for the quarter was down 3.6% on a year-over-year basis. As a group, equities research analysts expect that OUTFRONT Media Inc. will post 1.59 earnings per share for the current year.

OUTFRONT Media Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Friday, September 5th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date of this dividend was Friday, September 5th. OUTFRONT Media's dividend payout ratio is currently 206.90%.

Wall Street Analyst Weigh In

OUT has been the subject of a number of recent analyst reports. Wells Fargo & Company restated an "overweight" rating on shares of OUTFRONT Media in a research note on Sunday, July 20th. Wall Street Zen raised shares of OUTFRONT Media from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Barrington Research reaffirmed an "outperform" rating and issued a $21.00 price target on shares of OUTFRONT Media in a report on Tuesday, September 23rd. Finally, Morgan Stanley increased their price objective on shares of OUTFRONT Media from $17.00 to $19.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $19.00.

OUTFRONT Media Profile

OUTFRONT Media, Inc leases advertising space on out-of-home advertising structures and sites. Its inventory consists of billboard displays, which are primarily located on the most heavily traveled highways & roadways, and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S.

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