OUTFRONT Media Inc. (NYSE:OUT), a real estate investment trust specializing in outdoor advertising with a market capitalization of $3.14 billion, has implemented a reverse stock split of its common stock, as detailed in an 8-K filing with the Securities and Exchange Commission. The company, which has delivered an impressive 51.54% return over the past year, maintains a healthy 6.64% dividend yield.
According to InvestingPro analysis, the stock currently trades at an attractive P/E ratio of 13.15. The reverse stock split, effective as of market open on Thursday, was executed at a ratio of 1-for-1.024549. This means that shareholders now hold one share for every 1.024549 shares previously owned. Fractional shares resulting from the split will not be issued; instead, shareholders will receive a cash payment based on a volume weighted average price from January 14 to January 16, 2025.
The company's authorized shares and the par value of each share remain unchanged. OUTFRONT Media's common stock continues to trade on the New York Stock Exchange under the ticker symbol "OUT," although it now has a new CUSIP number, 69007J-304.
The reverse stock split is part of OUTFRONT Media's amendments to its charter, which were filed and became effective on Thursday morning. This corporate action does not affect the total value of shareholders' investments or the company's market capitalization, but it does adjust the number of shares in circulation and the individual share price accordingly.
The stock is currently trading near its 52-week high of $19.98, with InvestingPro data showing multiple positive indicators including high shareholder yield. Subscribers can access 10+ additional ProTips and comprehensive analysis through InvestingPro's detailed research reports.
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