Wolfe Research assumed coverage on shares of Lamar Advertising (NASDAQ:LAMR) in a report released on Friday, The Fly reports. The brokerage issued an underperform rating on the real estate investment trust’s stock.
Other equities analysts have also recently issued research reports about the company. MKM Partners upped their price target on Lamar Advertising to $75.00 and gave the company a neutral rating in a report on Thursday, August 9th. Zacks Investment Research cut Lamar Advertising from a hold rating to a sell rating in a report on Monday, October 15th. Imperial Capital assumed coverage on Lamar Advertising in a report on Thursday, September 13th. They issued an outperform rating and a $93.00 price target for the company. Morgan Stanley upped their price target on Lamar Advertising from $70.00 to $75.00 and gave the company an equal weight rating in a report on Friday. Finally, BidaskClub raised Lamar Advertising from a hold rating to a buy rating in a report on Friday, August 17th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $78.17.
Shares of NASDAQ LAMR traded down $2.60 during trading hours on Friday, hitting $73.43. 630,662 shares of the company’s stock were exchanged, compared to its average volume of 398,067. Lamar Advertising has a 1-year low of $61.36 and a 1-year high of $80.68. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market capitalization of $7.57 billion, a PE ratio of 14.54 and a beta of 1.11.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 17th will be issued a $0.92 dividend. This is a boost from Lamar Advertising’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend is Friday, December 14th. This represents a $3.68 annualized dividend and a yield of 5.01%. Lamar Advertising’s dividend payout ratio is 72.08%.
In other Lamar Advertising news, CFO Keith A. Istre sold 20,791 shares of the company’s stock in a transaction that occurred on Monday, November 12th. The stock was sold at an average price of $76.64, for a total value of $1,593,422.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 15.64% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in LAMR. BNP Paribas Arbitrage SA grew its stake in shares of Lamar Advertising by 79.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 22,358 shares of the real estate investment trust’s stock valued at $1,527,000 after purchasing an additional 9,902 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in shares of Lamar Advertising by 7.7% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 10,783 shares of the real estate investment trust’s stock valued at $737,000 after purchasing an additional 769 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Lamar Advertising in the 2nd quarter valued at approximately $463,000. First Trust Advisors LP grew its stake in shares of Lamar Advertising by 34.5% in the 2nd quarter. First Trust Advisors LP now owns 157,190 shares of the real estate investment trust’s stock valued at $10,738,000 after purchasing an additional 40,341 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Lamar Advertising in the 2nd quarter valued at approximately $1,550,000. Institutional investors own 81.33% of the company’s stock.
About Lamar Advertising
Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with more than 348,000 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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