Steinberg Global Asset Management grew its stake in shares of Lamar Advertising Co (NASDAQ:LAMR) by 0.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 64,782 shares of the real estate investment trust’s stock after acquiring an additional 282 shares during the quarter. Steinberg Global Asset Management owned about 0.07% of Lamar Advertising worth $4,124,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of LAMR. Taylor Hoffman Wealth Management purchased a new stake in shares of Lamar Advertising during the fourth quarter valued at $26,000. Whittier Trust Co. boosted its position in Lamar Advertising by 336.2% in the fourth quarter. Whittier Trust Co. now owns 458 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 353 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in Lamar Advertising by 6,818.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,297,606 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 2,264,394 shares during the last quarter. Tributary Capital Management LLC purchased a new position in Lamar Advertising in the fourth quarter worth about $42,000. Finally, Benjamin F. Edwards & Company Inc. boosted its position in Lamar Advertising by 70.4% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 765 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 316 shares during the last quarter. Hedge funds and other institutional investors own 82.27% of the company’s stock.
In other news, CEO Sean E. Reilly sold 107,606 shares of Lamar Advertising stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $79.55, for a total transaction of $8,560,057.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith A. Istre sold 22,263 shares of Lamar Advertising stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $76.84, for a total value of $1,710,688.92. Following the transaction, the chief financial officer now directly owns 135,185 shares in the company, valued at $10,387,615.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 179,869 shares of company stock worth $14,202,746. Insiders own 15.64% of the company’s stock.
Lamar Advertising (NASDAQ:LAMR) last posted its quarterly earnings data on Wednesday, February 20th. The real estate investment trust reported $0.96 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.34 by ($0.38). Lamar Advertising had a net margin of 18.76% and a return on equity of 28.12%. The company had revenue of $427.90 million for the quarter, compared to analysts’ expectations of $426.29 million. During the same period in the previous year, the firm earned $0.88 earnings per share. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, equities analysts forecast that Lamar Advertising Co will post 5.59 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.96 per share. This is a boost from Lamar Advertising’s previous quarterly dividend of $0.92. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date of this dividend was Thursday, March 14th. Lamar Advertising’s payout ratio is presently 69.82%.
LAMR has been the topic of several research reports. Imperial Capital reissued an “outperform” rating and issued a $88.00 target price (down from $94.00) on shares of Lamar Advertising in a research report on Wednesday, January 23rd. BidaskClub cut Lamar Advertising from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 2nd. ValuEngine raised Lamar Advertising from a “hold” rating to a “buy” rating in a research report on Tuesday, February 19th. Finally, MKM Partners raised their target price on Lamar Advertising to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, February 21st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $78.50.
Lamar Advertising Profile
Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with approximately 360,000 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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