Private Management Group Inc. Sells 403 Shares of Lamar Advertising (NASDAQ:LAMR)

Private Management Group Inc. reduced its stake in shares of Lamar Advertising (NASDAQ:LAMR) by 0.2% in the second quarter, HoldingsChannel.com reports. The firm owned 175,888 shares of the real estate investment trust’s stock after selling 403 shares during the period. Private Management Group Inc.’s holdings in Lamar Advertising were worth $21,024,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SPC Financial Inc. lifted its position in shares of Lamar Advertising by 3.6% during the first quarter. SPC Financial Inc. now owns 3,003 shares of the real estate investment trust’s stock valued at $359,000 after purchasing an additional 103 shares in the last quarter. Woodward Diversified Capital LLC increased its stake in Lamar Advertising by 2.6% in the 1st quarter. Woodward Diversified Capital LLC now owns 4,505 shares of the real estate investment trust’s stock valued at $538,000 after buying an additional 113 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Lamar Advertising by 1.8% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,603 shares of the real estate investment trust’s stock worth $789,000 after buying an additional 114 shares in the last quarter. Simplicity Wealth LLC boosted its stake in shares of Lamar Advertising by 0.4% in the 2nd quarter. Simplicity Wealth LLC now owns 27,614 shares of the real estate investment trust’s stock worth $3,301,000 after buying an additional 121 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Lamar Advertising by 1.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,964 shares of the real estate investment trust’s stock valued at $846,000 after acquiring an additional 123 shares in the last quarter. 93.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Lamar Advertising Stock Performance

NASDAQ:LAMR opened at $122.63 on Monday. The company has a market capitalization of $12.55 billion, a P/E ratio of 25.18 and a beta of 1.52. The business has a fifty day simple moving average of $119.46 and a two-hundred day simple moving average of $117.31. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.41 and a quick ratio of 0.41. Lamar Advertising has a 1 year low of $77.21 and a 1 year high of $126.80.

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 the consensus estimate of $2.01 by ($0.67). The firm had revenue of $565.25 million during the quarter, compared to analysts’ expectations of $564.96 million. Lamar Advertising had a return on equity of 42.18% and a net margin of 23.34%. The company’s revenue was up 4.5% compared to the same quarter last year. During the same period last year, the business posted $1.90 EPS. On average, analysts expect that Lamar Advertising will post 7.75 earnings per share for the current year.

Lamar Advertising Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Wednesday, September 18th will be given a $1.40 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $5.60 annualized dividend and a dividend yield of 4.57%. This is a positive change from Lamar Advertising’s previous quarterly dividend of $1.30. Lamar Advertising’s payout ratio is 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.