Lamar Advertising (NASDAQ:LAMR) Releases FY24 Earnings Guidance

Lamar Advertising (NASDAQ:LAMR - Get Free Report) updated its FY24 earnings guidance on Friday. The company provided earnings per share guidance of $7.85-7.95 for the period, compared to the consensus earnings per share estimate of $8.04. Lamar Advertising also updated its FY 2024 guidance to 4.970-4.990 EPS.

Analyst Ratings Changes

A number of brokerages have commented on LAMR. JPMorgan Chase & Co. boosted their price objective on Lamar Advertising from $117.00 to $121.00 and gave the stock a "neutral" rating in a report on Wednesday, July 31st. TD Cowen lifted their price objective on shares of Lamar Advertising from $135.00 to $140.00 and gave the stock a "buy" rating in a report on Friday, August 9th. Wells Fargo & Company began coverage on shares of Lamar Advertising in a report on Thursday, September 19th. They issued an "equal weight" rating and a $132.00 target price for the company. 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 research report on Thursday, July 11th. Finally, StockNews.com upgraded Lamar Advertising from a "hold" rating to a "buy" rating in a research note on Friday, October 18th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Lamar Advertising presently has an average rating of "Hold" and an average price target of $125.00.

Lamar Advertising Stock Performance

Shares of LAMR stock traded down $7.53 during trading on Friday, reaching $127.46. 677,286 shares of the company's stock traded hands, compared to its average volume of 402,229. The firm's 50-day moving average is $131.69 and its 200 day moving average is $122.74. The company has a market capitalization of $13.04 billion, a P/E ratio of 26.05 and a beta of 1.52. Lamar Advertising has a 1 year low of $91.20 and a 1 year high of $139.88. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 2.31.

Lamar Advertising (NASDAQ:LAMR - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The real estate investment trust reported $1.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.01 by ($0.67). The company had revenue of $565.25 million for the quarter, compared to the consensus estimate of $564.96 million. Lamar Advertising had a net margin of 23.34% and a return on equity of 42.18%. The business's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.90 earnings per share. Equities research analysts expect that Lamar Advertising will post 7.75 EPS for the current year.

Lamar Advertising Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Wednesday, September 18th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $5.60 annualized dividend and a yield of 4.39%. This is a boost from Lamar Advertising's previous quarterly dividend of $1.30. Lamar Advertising's payout ratio is currently 113.59%.

About Lamar Advertising

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.