Northern Trust Corp Cuts Stock Position in OUTFRONT Media Inc. $OUT

Key Points

• Northern Trust Corp reduced its stake in OUTFRONT Media by 7.9%, selling 167,217 shares, leaving it with approximately 1.17% ownership valued at $31.5 million.
• OUTFRONT Media recently declared a quarterly dividend of $0.30 per share, resulting in an annualized yield of 6.4%, despite a high dividend payout ratio of 206.90%.
• Analysts show mixed sentiments towards OUTFRONT Media, with Citigroup raising its price target to $19.00 while three investment firms rated it as a 'buy' and three as 'hold'.

Northern Trust Corp cut its holdings in shares of OUTFRONT Media Inc. (NYSE:OUT - Free Report) by 7.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,951,789 shares of the financial services provider's stock after selling 167,217 shares during the period. Northern Trust Corp owned approximately 1.17% of OUTFRONT Media worth $31,502,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Benchstone Capital Management LP bought a new position in OUTFRONT Media during the 4th quarter valued at about $29,038,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in OUTFRONT Media during the first quarter valued at approximately $14,177,000. Invesco Ltd. boosted its holdings in OUTFRONT Media by 7.6% in the first quarter. Invesco Ltd. now owns 7,836,183 shares of the financial services provider's stock worth $126,476,000 after purchasing an additional 555,568 shares during the last quarter. Polar Asset Management Partners Inc. grew its position in OUTFRONT Media by 247.7% in the 4th quarter. Polar Asset Management Partners Inc. now owns 677,930 shares of the financial services provider's stock worth $12,026,000 after purchasing an additional 482,930 shares during the period. Finally, Westwood Holdings Group Inc. purchased a new stake in OUTFRONT Media during the 1st quarter valued at $7,086,000.

Insider Buying and Selling

In related news, EVP Richard H. Sauer sold 20,109 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $15.88, for a total transaction of $319,330.92. Following the completion of the transaction, the executive vice president owned 70,836 shares in the company, valued at approximately $1,124,875.68. This represents a 22.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Emilio Bonanni sold 4,126 shares of OUTFRONT Media stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $19.38, for a total transaction of $79,961.88. Following the completion of the sale, the executive vice president owned 4,170 shares in the company, valued at approximately $80,814.60. This represents a 49.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,126 shares of company stock valued at $871,272. Insiders own 0.47% of the company's stock.

Analyst Ratings Changes

OUT has been the topic of a number of research reports. Barrington Research restated an "outperform" rating and issued a $21.00 price target on shares of OUTFRONT Media in a research note on Wednesday, August 6th. Morgan Stanley boosted their price target on OUTFRONT Media from $17.00 to $19.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Citigroup reaffirmed a "buy" rating and set a $19.00 price target (up previously from $17.00) on shares of OUTFRONT Media in a research report on Thursday, May 29th. Wall Street Zen raised shares of OUTFRONT Media from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of OUTFRONT Media in a research report on Sunday, July 20th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.00.

OUTFRONT Media Price Performance

OUTFRONT Media stock traded down $0.24 during mid-day trading on Thursday, hitting $18.39. The stock had a trading volume of 716,120 shares, compared to its average volume of 1,579,704. OUTFRONT Media Inc. has a one year low of $12.95 and a one year high of $19.80. 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 firm has a market capitalization of $3.08 billion, a P/E ratio of 31.49, a P/E/G ratio of 1.11 and a beta of 1.87. The firm's 50 day moving average is $17.86 and its 200 day moving average is $16.73.

OUTFRONT Media (NYSE:OUT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $0.51 EPS for the quarter, beating 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 business had revenue of $460.20 million for the quarter, compared to the consensus estimate of $463.16 million. During the same period in the previous year, the business earned $0.50 earnings per share. The business's revenue was down 3.6% on a year-over-year basis. On average, sell-side analysts forecast that OUTFRONT Media Inc. will post 1.59 earnings per share for the current fiscal year.

OUTFRONT Media Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 6.5%. The ex-dividend date is Friday, September 5th. OUTFRONT Media's dividend payout ratio is presently 206.90%.

About OUTFRONT Media

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.