Voya Investment Management LLC Boosts Holdings in OUTFRONT Media Inc. $OUT

Key Points

• Voya Investment Management LLC increased its stake in OUTFRONT Media by 45.8%, owning 130,623 shares worth approximately $2.1 million after acquiring an additional 41,043 shares in the first quarter.
• Wall Street analysts are optimistic about OUTFRONT Media, with multiple firms raising their price targets, including Morgan Stanley increasing its target from $17.00 to $19.00.
• OUTFRONT Media declared a quarterly dividend of $0.30 per share, resulting in an annualized dividend yield of 6.4% despite a high payout ratio of 206.90%.

Voya Investment Management LLC lifted its holdings in OUTFRONT Media Inc. (NYSE:OUT - Free Report) by 45.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,623 shares of the financial services provider's stock after buying an additional 41,043 shares during the quarter. Voya Investment Management LLC owned 0.08% of OUTFRONT Media worth $2,108,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in OUTFRONT Media by 28.2% during the 4th quarter. Bank of America Corp DE now owns 346,544 shares of the financial services provider's stock worth $6,148,000 after buying an additional 76,306 shares during the last quarter. Cetera Investment Advisers boosted its position in OUTFRONT Media by 28.4% during the fourth quarter. Cetera Investment Advisers now owns 19,046 shares of the financial services provider's stock valued at $338,000 after purchasing an additional 4,208 shares during the last quarter. Lazard Asset Management LLC bought a new position in OUTFRONT Media during the fourth quarter valued at about $113,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of OUTFRONT Media by 13.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 430,880 shares of the financial services provider's stock worth $7,644,000 after purchasing an additional 51,635 shares during the period. Finally, Polar Asset Management Partners Inc. boosted its holdings in OUTFRONT Media by 247.7% during the fourth quarter. Polar Asset Management Partners Inc. now owns 677,930 shares of the financial services provider's stock valued at $12,026,000 after purchasing an additional 482,930 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on OUT shares. Wall Street Zen upgraded shares of OUTFRONT Media from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Morgan Stanley increased their price objective on shares of OUTFRONT Media from $17.00 to $19.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Citigroup restated a "buy" rating and set a $19.00 price objective (up from $17.00) on shares of OUTFRONT Media in a research report on Thursday, May 29th. Barrington Research reiterated an "outperform" rating and issued a $21.00 price target on shares of OUTFRONT Media in a research report on Wednesday, August 6th. 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. Based on data from MarketBeat, OUTFRONT Media presently has an average rating of "Moderate Buy" and a consensus target price of $19.00.

OUTFRONT Media Trading Up 0.9%

Shares of OUT stock traded up $0.17 during mid-day trading on Monday, reaching $18.82. The stock had a trading volume of 1,582,308 shares, compared to its average volume of 1,475,062. The stock's 50-day moving average price is $18.31 and its two-hundred day moving average price is $16.73. OUTFRONT Media Inc. has a 52-week low of $12.95 and a 52-week high of $19.80. The firm has a market capitalization of $3.15 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 1.09 and a beta of 1.87. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 4.60.

OUTFRONT Media (NYSE:OUT - Get Free Report) last issued its earnings results 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 net margin of 5.99% and a return on equity of 18.07%. The firm had revenue of $460.20 million for the quarter, compared to the consensus estimate of $463.16 million. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The business's revenue was down 3.6% on a year-over-year basis. Equities analysts expect that OUTFRONT Media Inc. will post 1.59 earnings per share for the current fiscal year.

OUTFRONT Media Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 5th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.20 annualized dividend and a dividend yield of 6.4%. OUTFRONT Media's dividend payout ratio is currently 206.90%.

Insider Activity

In other news, major shareholder Pep Viii Gp Llc sold 8,400,000 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 8,913,813 shares in the company, valued at approximately $160,983,462.78. This trade represents a 48.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Emilio Bonanni sold 4,126 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $19.38, for a total value of $79,961.88. Following the sale, the executive vice president directly owned 4,170 shares in the company, valued at $80,814.60. This represents a 49.73% 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.

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.