59 North Capital Management LP Purchases 53,615 Shares of Lamar Advertising Company $LAMR

Key Points

• 59 North Capital Management LP has increased its stake in Lamar Advertising Company by 10%, acquiring an additional 53,615 shares to hold a total of 591,487 shares, representing about 0.58% of the company, valued at approximately $67.3 million.
• Several institutional investors have also purchased shares, with Hamlin Capital Management now owning over 1.3 million shares, indicating strong interest from financial entities in Lamar Advertising.
• Lamar Advertising plans to pay a quarterly dividend of $1.55 on September 30, reflecting an annualized dividend yield of 4.9%, despite a high payout ratio of 144.19%.

59 North Capital Management LP grew its holdings in Lamar Advertising Company (NASDAQ:LAMR - Free Report) by 10.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 591,487 shares of the real estate investment trust's stock after buying an additional 53,615 shares during the period. Lamar Advertising makes up 2.4% of 59 North Capital Management LP's portfolio, making the stock its 14th largest holding. 59 North Capital Management LP owned approximately 0.58% of Lamar Advertising worth $67,299,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. 1248 Management LLC purchased a new position in shares of Lamar Advertising in the 1st quarter worth $26,000. Golden State Wealth Management LLC purchased a new position in shares of Lamar Advertising in the 1st quarter worth $28,000. HHM Wealth Advisors LLC boosted its stake in shares of Lamar Advertising by 26,900.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 270 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 269 shares during the period. ST Germain D J Co. Inc. boosted its stake in shares of Lamar Advertising by 346.0% during the 1st quarter. ST Germain D J Co. Inc. now owns 281 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 218 shares during the period. Finally, Truvestments Capital LLC boosted its stake in shares of Lamar Advertising by 79.5% during the 1st quarter. Truvestments Capital LLC now owns 316 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 140 shares during the period. 93.78% of the stock is owned by hedge funds and other institutional investors.

Lamar Advertising Stock Down 0.0%

Shares of LAMR traded down $0.01 during mid-day trading on Friday, hitting $128.00. The company's stock had a trading volume of 338,669 shares, compared to its average volume of 726,436. The company's 50-day moving average is $123.94 and its 200-day moving average is $119.05. Lamar Advertising Company has a 52-week low of $99.84 and a 52-week high of $139.88. The firm has a market capitalization of $12.96 billion, a price-to-earnings ratio of 29.77 and a beta of 1.38. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 3.45.

Lamar Advertising (NASDAQ:LAMR - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The real estate investment trust reported $2.22 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.74. Lamar Advertising had a net margin of 19.72% and a return on equity of 41.85%. The firm had revenue of $579.31 million during the quarter, compared to analysts' expectations of $580.72 million. Lamar Advertising has set its FY 2025 guidance at 6.090-6.11 EPS. On average, equities research analysts forecast that Lamar Advertising Company will post 7.92 EPS for the current fiscal year.

Lamar Advertising Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 19th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, September 19th. Lamar Advertising's dividend payout ratio is presently 144.19%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Wells Fargo & Company dropped their price target on shares of Lamar Advertising from $122.00 to $119.00 and set an "equal weight" rating for the company in a research note on Monday, August 11th. Morgan Stanley lifted their price target on shares of Lamar Advertising from $125.00 to $135.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Citigroup raised shares of Lamar Advertising from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $114.00 to $135.00 in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. reduced their target price on Lamar Advertising from $125.00 to $122.00 and set a "neutral" rating on the stock in a research note on Monday, August 11th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $134.20.

Insider Buying and Selling at Lamar Advertising

In other news, CFO Jay Lecoryelle Johnson sold 22,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $124.28, for a total value of $2,734,160.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 14.99% of the company's stock.

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.