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

Bank of New York Mellon Corp acquired a new stake in OUTFRONT Media Inc. (NYSE:OUT) in the second quarter, HoldingsChannel reports. The firm acquired 1,735,017 shares of the financial services provider’s stock, valued at approximately $56,839,000.

Other hedge funds have also added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. raised its position in OUTFRONT Media by 94.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 30,793 shares of the financial services provider’s stock worth $1,009,000 after purchasing an additional 14,993 shares during the last quarter. GAMMA Investing LLC increased its position in OUTFRONT Media by 4.6% during the 2nd quarter. GAMMA Investing LLC now owns 10,048 shares of the financial services provider’s stock valued at $329,000 after purchasing an additional 440 shares during the period. Pine Valley Investments Ltd Liability Co bought a new position in OUTFRONT Media during the 1st quarter worth approximately $244,000. NewEdge Advisors LLC raised its holdings in OUTFRONT Media by 23.7% during the 1st quarter. NewEdge Advisors LLC now owns 19,766 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 3,789 shares during the last quarter. Finally, Arete Wealth Advisors LLC acquired a new position in shares of OUTFRONT Media in the 1st quarter worth approximately $401,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. TD Cowen reissued a “buy” rating and set a $40.00 target price (up from $38.00) on shares of OUTFRONT Media in a research note on Thursday, August 6th. Barrington Research set a $38.00 price target on OUTFRONT Media in a report on Tuesday, May 12th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $38.00 price objective on shares of OUTFRONT Media in a research report on Wednesday, July 22nd. Wells Fargo & Company boosted their price objective on OUTFRONT Media from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen lowered OUTFRONT Media from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 26th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Insiders Place Their Bets

In other OUTFRONT Media news, EVP James Michael Norton bought 4,130 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was purchased at an average price of $30.81 per share, for a total transaction of $127,245.30. Following the completion of the transaction, the executive vice president directly owned 4,130 shares of the company’s stock, valued at $127,245.30. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Richard H. Sauer sold 5,000 shares of OUTFRONT Media stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $32.08, for a total transaction of $160,400.00. Following the completion of the transaction, the executive vice president owned 56,947 shares of the company’s stock, valued at $1,826,859.76. The trade was a 8.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,000 shares of company stock worth $629,600 in the last ninety days. Insiders own 0.45% of the company’s stock.

OUTFRONT Media Stock Performance

NYSE OUT opened at $30.51 on Thursday. The company has a market capitalization of $5.37 billion, a PE ratio of 21.95 and a beta of 1.49. The company has a debt-to-equity ratio of 3.50, a quick ratio of 0.67 and a current ratio of 0.67. OUTFRONT Media Inc. has a 52-week low of $16.97 and a 52-week high of $34.96. The company has a 50-day simple moving average of $31.78 and a 200 day simple moving average of $30.11.

OUTFRONT Media (NYSE:OUT) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.30. OUTFRONT Media had a net margin of 12.66% and a return on equity of 37.44%. The firm had revenue of $522.50 million for the quarter, compared to analysts’ expectations of $509.61 million. During the same period in the previous year, the company earned $0.51 earnings per share. The company’s quarterly revenue was up 13.5% on a year-over-year basis. On average, research analysts predict that OUTFRONT Media Inc. will post 2.15 EPS for the current year.

OUTFRONT Media Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be paid a $0.33 dividend. The ex-dividend date is Friday, September 4th. This is a boost from OUTFRONT Media’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 4.3%. OUTFRONT Media’s dividend payout ratio is presently 86.33%.

About OUTFRONT Media

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.