Pacific Heights Asset Management LLC Increases Holdings in OUTFRONT Media Inc. $OUT

Key Points

• Pacific Heights Asset Management increased its stake in OUTFRONT Media by 21.4% in the fourth quarter, buying an additional 150,000 shares and bringing its holdings to 850,000 shares worth about $20.5 million.
• OUTFRONT Media reported better-than-expected quarterly earnings of $0.34 per share versus estimates of $0.28, with revenue up 10% year over year to $429.6 million.
• The company declared a quarterly dividend of $0.30 per share, or $1.20 annually, implying a 3.8% yield; meanwhile, analysts remain generally positive with a consensus Moderate Buy rating and average price target of $30.71.

Pacific Heights Asset Management LLC boosted its holdings in shares of OUTFRONT Media Inc. (NYSE:OUT - Free Report) by 21.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 850,000 shares of the financial services provider's stock after purchasing an additional 150,000 shares during the period. Pacific Heights Asset Management LLC owned about 0.51% of OUTFRONT Media worth $20,485,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. GRS Advisors LLC lifted its stake in shares of OUTFRONT Media by 12.8% in the 3rd quarter. GRS Advisors LLC now owns 2,468,232 shares of the financial services provider's stock valued at $45,218,000 after purchasing an additional 279,326 shares during the last quarter. Versor Investments LP bought a new stake in shares of OUTFRONT Media in the 3rd quarter valued at approximately $1,259,000. Barnett & Company Inc. bought a new stake in shares of OUTFRONT Media in the 3rd quarter valued at approximately $1,519,000. BTC Capital Management Inc. bought a new stake in shares of OUTFRONT Media in the 4th quarter valued at approximately $3,625,000. Finally, Polar Asset Management Partners Inc. bought a new stake in shares of OUTFRONT Media in the 3rd quarter valued at approximately $5,622,000.

OUTFRONT Media Price Performance

Shares of OUT stock opened at $31.47 on Monday. OUTFRONT Media Inc. has a 52-week low of $15.45 and a 52-week high of $34.96. The company has a debt-to-equity ratio of 3.90, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $5.54 billion, a P/E ratio of 29.98, a P/E/G ratio of 1.51 and a beta of 1.50. The stock has a 50 day moving average price of $28.96 and a 200 day moving average price of $25.60.

OUTFRONT Media (NYSE:OUT - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.06. OUTFRONT Media had a return on equity of 30.36% and a net margin of 9.98%.The firm had revenue of $429.60 million during the quarter, compared to analyst estimates of $431.44 million. During the same period last year, the company earned $0.14 EPS. OUTFRONT Media's quarterly revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts predict that OUTFRONT Media Inc. will post 2.08 earnings per share for the current year.

OUTFRONT Media Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, June 5th. OUTFRONT Media's dividend payout ratio (DPR) is currently 114.29%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Morgan Stanley set a $37.00 price objective on OUTFRONT Media in a research note on Friday, May 8th. Wells Fargo & Company raised their price objective on OUTFRONT Media from $27.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, February 27th. Zacks Research lowered OUTFRONT Media from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 3rd. Barrington Research set a $38.00 price objective on OUTFRONT Media in a research note on Tuesday, May 12th. Finally, TD Cowen reaffirmed a "buy" rating and issued a $38.00 price objective (up from $32.00) on shares of OUTFRONT Media in a research note on Tuesday, May 12th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $30.71.

Insider Buying and Selling

In related news, Director Manuel A. Diaz sold 11,271 shares of the firm's stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $26.93, for a total transaction of $303,528.03. Following the completion of the sale, the director directly owned 36,244 shares of the company's stock, valued at approximately $976,050.92. This trade represents a 23.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matthew Siegel sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $25.79, for a total value of $1,289,500.00. Following the sale, the executive vice president directly owned 289,925 shares of the company's stock, valued at $7,477,165.75. This represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.47% of the stock is currently owned by company insiders.

OUTFRONT Media 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.

Want to see what other hedge funds are holding OUT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OUTFRONT Media Inc. (NYSE:OUT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.