Lamar Advertising (NASDAQ:LAMR) Shares Bought by Provident Investment Management Inc.

Provident Investment Management Inc. lifted its position in shares of Lamar Advertising (NASDAQ:LAMR) by 177.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,632 shares of the real estate investment trust’s stock after purchasing an additional 3,605 shares during the period. Provident Investment Management Inc.’s holdings in Lamar Advertising were worth $673,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in LAMR. Financial Synergies Wealth Advisors Inc. purchased a new position in Lamar Advertising during the 1st quarter worth approximately $25,000. Whittier Trust Co. increased its holdings in shares of Lamar Advertising by 144.4% in the 2nd quarter. Whittier Trust Co. now owns 220 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 130 shares during the period. Fidelis Capital Partners LLC purchased a new stake in Lamar Advertising in the 1st quarter valued at $27,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Lamar Advertising in the 4th quarter valued at $30,000. Finally, MFA Wealth Advisors LLC acquired a new stake in Lamar Advertising during the 2nd quarter worth $30,000. 93.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on LAMR shares. Citigroup cut shares of Lamar Advertising from a “buy” rating to a “neutral” rating and set a $122.00 target price for the company. in a report on Thursday, July 11th. StockNews.com raised Lamar Advertising from a “hold” rating to a “buy” rating in a research note on Friday, May 31st. TD Cowen lifted their target price on Lamar Advertising from $135.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their target price on Lamar Advertising from $117.00 to $121.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $123.25.

Lamar Advertising Trading Up 0.1 %

Shares of Lamar Advertising stock opened at $122.74 on Tuesday. The firm has a market cap of $12.56 billion, a price-to-earnings ratio of 25.20 and a beta of 1.52. Lamar Advertising has a 52-week low of $77.21 and a 52-week high of $126.80. The company’s 50-day simple moving average is $119.55 and its 200-day simple moving average is $117.38. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 2.31.

Lamar Advertising (NASDAQ:LAMR) last announced its quarterly earnings data on Thursday, August 8th. The real estate investment trust reported $1.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.67). The business had revenue of $565.25 million during the quarter, compared to analysts’ expectations of $564.96 million. Lamar Advertising had a net margin of 23.34% and a return on equity of 42.18%. Lamar Advertising’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.90 EPS. As a group, equities research analysts anticipate that Lamar Advertising will post 7.75 earnings per share for the current year.

Lamar Advertising Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Wednesday, September 18th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date of this dividend is Wednesday, September 18th. This is a positive change from Lamar Advertising’s previous quarterly dividend of $1.30. Lamar Advertising’s dividend payout ratio is currently 106.78%.

Lamar Advertising Profile

Lamar Advertising Company operates as an outdoor advertising company in the United States and Canada. The company owns and operates billboards, logo signs, and transit advertising displays, as well as rents space for advertising on billboards, buses, shelters, benches, logo plates, and in airport terminals.