Corebridge Financial Inc. Has $12.14 Million Stock Position in Lamar Advertising (NASDAQ:LAMR)

Corebridge Financial Inc. lessened its stake in Lamar Advertising (NASDAQ:LAMR - Free Report) by 4.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,751 shares of the real estate investment trust's stock after selling 4,425 shares during the period. Corebridge Financial Inc. owned about 0.10% of Lamar Advertising worth $12,144,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its position in shares of Lamar Advertising by 2.9% during the third quarter. Janus Henderson Group PLC now owns 4,248,660 shares of the real estate investment trust's stock worth $567,632,000 after purchasing an additional 119,068 shares during the last quarter. State Street Corp raised its stake in Lamar Advertising by 0.8% during the third quarter. State Street Corp now owns 2,640,356 shares of the real estate investment trust's stock valued at $352,752,000 after buying an additional 21,852 shares in the last quarter. Boston Partners lifted its holdings in Lamar Advertising by 6.7% during the 4th quarter. Boston Partners now owns 2,423,981 shares of the real estate investment trust's stock worth $295,122,000 after buying an additional 152,575 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Lamar Advertising by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,054,962 shares of the real estate investment trust's stock worth $274,595,000 after acquiring an additional 90,775 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Lamar Advertising by 45.5% during the third quarter. Wellington Management Group LLP now owns 1,974,848 shares of the real estate investment trust's stock worth $263,840,000 after purchasing an additional 617,356 shares during the last quarter. 93.78% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

LAMR has been the subject of several research reports. Citigroup lifted their price target on shares of Lamar Advertising from $121.76 to $128.00 and gave the company a "neutral" rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. lowered their price target on shares of Lamar Advertising from $129.00 to $126.00 and set a "neutral" rating for the company in a research report on Friday, February 21st. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, Lamar Advertising currently has an average rating of "Hold" and an average target price of $134.60.

Lamar Advertising Stock Performance

LAMR stock traded down $0.09 during trading on Friday, reaching $112.46. 391,482 shares of the company's stock were exchanged, compared to its average volume of 449,018. Lamar Advertising has a 1-year low of $108.80 and a 1-year high of $139.88. The firm has a market cap of $11.52 billion, a PE ratio of 31.86 and a beta of 1.53. The company's fifty day moving average price is $122.38 and its 200-day moving average price is $126.96. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 2.48.

Lamar Advertising (NASDAQ:LAMR - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.47 by $0.74. The business had revenue of $579.57 million for the quarter, compared to analysts' expectations of $583.19 million. Lamar Advertising had a net margin of 16.40% and a return on equity of 30.20%. On average, research analysts expect that Lamar Advertising will post 7.92 EPS for the current fiscal year.

Lamar Advertising Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $1.55 per share. The ex-dividend date was Friday, March 14th. This represents a $6.20 annualized dividend and a yield of 5.51%. This is a boost from Lamar Advertising's previous quarterly dividend of $1.40. Lamar Advertising's dividend payout ratio (DPR) is currently 175.64%.

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.