Shares of OUTFRONT Media (NYSE: OUT) have soared 16.4% year to date compared with the industry's growth of 3.2%.
This New York-based advertising real estate investment trust's (REIT) diverse portfolio of advertising sites and large-scale presence, efforts to bolster its digital presence and strategic acquisitions over the years have enabled it to ride the growth curve so far.
This month, the company reported better-than-expected second-quarter 2024 results. It reported adjusted funds from operations (AFFO) per share of 49 cents, which surpassed the Zacks Consensus Estimate of 46 cents. The figure increased 4.3% on a year-over-year basis. Results reflected lower operating expenses due to lower property lease costs. It also witnessed higher average revenue per display across its portfolio.
Analysts seem bullish about this Zacks Rank #3 (Hold) company. The Zacks Consensus Estimate for its 2024 funds from operations (FFO) per share has revised 6.9% upward over the past month to $1.70.
Image Source: Zacks Investment Research
Let us now find out the factors behind the surge in the stock price and check whether this trend will last.
OUTFRONT Media enjoys a geographically diverse ...
