JPMorgan Chase & Co. increased its stake in shares of Lamar Advertising Co (NASDAQ:LAMR) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 186,082 shares of the real estate investment trust’s stock after purchasing an additional 2,302 shares during the period. JPMorgan Chase & Co.’s holdings in Lamar Advertising were worth $14,476,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new position in shares of Lamar Advertising during the 2nd quarter worth approximately $137,000. Qube Research & Technologies Ltd acquired a new position in shares of Lamar Advertising during the 2nd quarter worth approximately $164,000. McKinley Carter Wealth Services Inc. acquired a new position in shares of Lamar Advertising during the 3rd quarter worth approximately $200,000. SPC Financial Inc. acquired a new position in shares of Lamar Advertising during the 3rd quarter worth approximately $202,000. Finally, Anchor Capital Advisors LLC acquired a new position in shares of Lamar Advertising during the 2nd quarter worth approximately $242,000. Hedge funds and other institutional investors own 81.33% of the company’s stock.
Several research analysts recently issued reports on LAMR shares. ValuEngine downgraded Lamar Advertising from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. BidaskClub upgraded Lamar Advertising from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 15th. Citigroup lifted their target price on shares of Lamar Advertising from $68.00 to $69.00 and gave the stock a “sell” rating in a research note on Wednesday, August 15th. Imperial Capital began coverage on shares of Lamar Advertising in a research note on Thursday, September 13th. They issued an “outperform” rating and a $93.00 target price for the company. Finally, Zacks Investment Research cut shares of Lamar Advertising from a “hold” rating to a “sell” rating in a research note on Monday, October 15th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $78.17.
Lamar Advertising (NASDAQ:LAMR) last released its earnings results on Thursday, November 8th. The real estate investment trust reported $0.95 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.39 by ($0.44). The firm had revenue of $418.50 million during the quarter, compared to analysts’ expectations of $421.29 million. Lamar Advertising had a return on equity of 27.51% and a net margin of 18.57%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. As a group, sell-side analysts expect that Lamar Advertising Co will post 5.12 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 17th will be paid a $0.92 dividend. This is a boost from Lamar Advertising’s previous quarterly dividend of $0.91. This represents a $3.68 annualized dividend and a yield of 5.01%. The ex-dividend date of this dividend is Friday, December 14th. Lamar Advertising’s payout ratio is presently 72.08%.
In other Lamar Advertising news, CFO Keith A. Istre sold 20,791 shares of Lamar Advertising stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $76.64, for a total value of $1,593,422.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 15.64% of the stock is currently owned by insiders.
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About Lamar Advertising
Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with more than 348,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day.
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