6,370 Shares in Lamar Advertising Company $LAMR Bought by Convergence Investment Partners LLC

Key Points

• Convergence Investment Partners opened a new position in Lamar Advertising, buying 6,370 shares worth about $807,000 in the first quarter.
• Institutional interest in LAMR remains heavy, with hedge funds and other institutions owning 93.78% of the company’s stock.
• Lamar Advertising reported better-than-expected quarterly earnings of $1.00 per share versus $0.82 expected, and it also paid a $1.60 quarterly dividend, implying a 4.0% annual yield.

Convergence Investment Partners LLC acquired a new stake in Lamar Advertising Company (NASDAQ:LAMR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,370 shares of the real estate investment trust's stock, valued at approximately $807,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. M&T Bank Corp boosted its holdings in Lamar Advertising by 12,278.7% during the fourth quarter. M&T Bank Corp now owns 1,147,876 shares of the real estate investment trust's stock worth $145,298,000 after buying an additional 1,138,603 shares during the last quarter. Norges Bank bought a new stake in shares of Lamar Advertising in the 4th quarter valued at about $104,705,000. AQR Capital Management LLC increased its stake in shares of Lamar Advertising by 123.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,475,525 shares of the real estate investment trust's stock valued at $177,152,000 after acquiring an additional 816,217 shares during the last quarter. Invesco Ltd. raised its position in shares of Lamar Advertising by 97.8% in the 3rd quarter. Invesco Ltd. now owns 991,990 shares of the real estate investment trust's stock valued at $121,439,000 after acquiring an additional 490,463 shares during the period. Finally, Northern Trust Corp raised its position in shares of Lamar Advertising by 23.9% in the 3rd quarter. Northern Trust Corp now owns 1,629,554 shares of the real estate investment trust's stock valued at $199,490,000 after acquiring an additional 314,235 shares during the period. Institutional investors and hedge funds own 93.78% of the company's stock.

Analyst Upgrades and Downgrades

LAMR has been the subject of a number of analyst reports. Citigroup cut shares of Lamar Advertising from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $145.00 to $160.00 in a report on Friday, July 10th. Wells Fargo & Company increased their target price on shares of Lamar Advertising from $136.00 to $150.00 and gave the stock an "equal weight" rating in a report on Friday, May 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Lamar Advertising in a research report on Friday, May 22nd. TD Cowen boosted their price target on shares of Lamar Advertising from $150.00 to $170.00 and gave the company a "buy" rating in a report on Thursday, May 14th. Finally, Morgan Stanley set a $145.00 price target on shares of Lamar Advertising in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $150.50.

Lamar Advertising Trading Down 0.7%

Shares of NASDAQ:LAMR opened at $160.07 on Wednesday. Lamar Advertising Company has a 12 month low of $113.66 and a 12 month high of $164.38. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 3.33. The company's fifty day simple moving average is $153.82 and its 200 day simple moving average is $140.04. The firm has a market cap of $16.24 billion, a price-to-earnings ratio of 29.53 and a beta of 1.19.

Lamar Advertising (NASDAQ:LAMR - Get Free Report) last announced its earnings results on Thursday, May 7th. The real estate investment trust reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.18. Lamar Advertising had a net margin of 24.01% and a return on equity of 55.53%. The firm had revenue of $528.00 million during the quarter, compared to analyst estimates of $522.86 million. As a group, research analysts forecast that Lamar Advertising Company will post 8.41 EPS for the current fiscal year.

Lamar Advertising Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a dividend of $1.60 per share. The ex-dividend date was Tuesday, June 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 4.0%. Lamar Advertising's dividend payout ratio (DPR) is presently 118.08%.

Lamar Advertising Profile

Lamar Advertising Company NASDAQ: LAMR is one of North America's largest outdoor advertising firms, specializing in out-of-home media solutions. Since its founding in 1902, the company has grown through a combination of organic expansion and strategic acquisitions to offer a broad portfolio of advertising products. Its core business centers on billboard advertising, encompassing traditional static billboards and a rapidly expanding network of digital displays. These assets enable advertisers to reach consumers with high-impact messaging along highways, in urban centers, and at high-traffic intersections.

In addition to highway billboards, Lamar offers a variety of supplemental out-of-home formats, including transit advertising on buses and shelters, and logo signage at travel plazas and gas stations.

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