Principal Financial Group Inc. cut its stake in shares of Lamar Advertising (NASDAQ:LAMR - Free Report) by 30.4% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 203,751 shares of the real estate investment trust's stock after selling 88,924 shares during the period. Principal Financial Group Inc. owned about 0.20% of Lamar Advertising worth $27,221,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Armor Investment Advisors LLC bought a new position in shares of Lamar Advertising during the 3rd quarter valued at $200,000. Marks Group Wealth Management Inc increased its position in shares of Lamar Advertising by 29.2% in the 3rd quarter. Marks Group Wealth Management Inc now owns 17,606 shares of the real estate investment trust's stock valued at $2,352,000 after buying an additional 3,983 shares in the last quarter. Austin Private Wealth LLC bought a new stake in shares of Lamar Advertising in the third quarter worth about $208,000. QRG Capital Management Inc. acquired a new stake in shares of Lamar Advertising during the third quarter worth about $2,015,000. Finally, Asset Management One Co. Ltd. lifted its holdings in shares of Lamar Advertising by 42,096.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 126,167 shares of the real estate investment trust's stock valued at $16,856,000 after purchasing an additional 125,868 shares in the last quarter. Institutional investors and hedge funds own 93.78% of the company's stock.
Lamar Advertising Stock Performance
Shares of NASDAQ:LAMR traded up $0.49 on Wednesday, hitting $129.43. The company had a trading volume of 135,351 shares, compared to its average volume of 406,535. The stock has a 50 day moving average price of $131.84 and a 200 day moving average price of $123.08. The company has a current ratio of 0.56, a quick ratio of 0.41 and a debt-to-equity ratio of 2.48. The stock has a market cap of $13.24 billion, a price-to-earnings ratio of 25.95 and a beta of 1.52. Lamar Advertising has a 1-year low of $94.71 and a 1-year high of $139.88.
Lamar Advertising (NASDAQ:LAMR - Get Free Report) last announced its earnings results on Friday, November 8th. The real estate investment trust reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.17 by ($0.73). Lamar Advertising had a return on equity of 42.58% and a net margin of 23.46%. The business had revenue of $564.10 million for the quarter, compared to analyst estimates of $568.91 million. During the same quarter in the previous year, the company earned $2.04 EPS. The business's revenue for the quarter was up 4.0% on a year-over-year basis. Analysts expect that Lamar Advertising will post 7.75 EPS for the current year.
Lamar Advertising Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Wednesday, September 18th were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.33%. This is a boost from Lamar Advertising's previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Wednesday, September 18th. Lamar Advertising's dividend payout ratio is presently 112.00%.
Wall Street Analysts Forecast Growth
Several brokerages have commented on LAMR. TD Cowen raised their target price on shares of Lamar Advertising from $142.00 to $160.00 and gave the stock a "buy" rating in a report on Monday. StockNews.com cut shares of Lamar Advertising from a "buy" rating to a "hold" rating in a research report on Monday. Morgan Stanley lifted their price target on Lamar Advertising from $125.00 to $135.00 and gave the company an "equal weight" rating in a research note on Monday. JPMorgan Chase & Co. upped their price objective on Lamar Advertising from $117.00 to $121.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company dropped their target price on Lamar Advertising from $132.00 to $124.00 and set an "equal weight" rating on the stock in a research report on Monday. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, Lamar Advertising currently has a consensus rating of "Hold" and an average price target of $132.40.
Check Out Our Latest Report on LAMR
Lamar Advertising Company Profile
(
Free Report)
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.
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