DAVENPORT & Co LLC Sells 7,435 Shares of Lamar Advertising Company $LAMR

Key Points

• DAVENPORT & Co LLC reduced its stake in Lamar Advertising by 0.5%, owning 1,423,127 shares worth approximately $172.4 million, making it the firm's 19th largest position.
• Analyst ratings for Lamar Advertising show a mix, with three analysts rating it a "Buy" and three a "Hold," while the consensus price target is $134.20.
• The company declared a quarterly dividend of $1.55 per share, contributing to an annualized yield of 5.0%, alongside a high dividend payout ratio of 144.19%.

DAVENPORT & Co LLC lessened its holdings in Lamar Advertising Company (NASDAQ:LAMR - Free Report) by 0.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,423,127 shares of the real estate investment trust's stock after selling 7,435 shares during the quarter. Lamar Advertising accounts for approximately 0.9% of DAVENPORT & Co LLC's investment portfolio, making the stock its 19th biggest position. DAVENPORT & Co LLC owned about 1.39% of Lamar Advertising worth $172,405,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of LAMR. Hamlin Capital Management LLC grew its position in Lamar Advertising by 3.4% during the first quarter. Hamlin Capital Management LLC now owns 1,311,526 shares of the real estate investment trust's stock worth $149,225,000 after buying an additional 43,081 shares in the last quarter. Northern Trust Corp lifted its position in shares of Lamar Advertising by 0.4% during the 1st quarter. Northern Trust Corp now owns 1,282,892 shares of the real estate investment trust's stock valued at $145,967,000 after acquiring an additional 4,495 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Lamar Advertising by 0.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,109,668 shares of the real estate investment trust's stock worth $126,258,000 after purchasing an additional 7,426 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Lamar Advertising by 5.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 917,833 shares of the real estate investment trust's stock worth $104,431,000 after purchasing an additional 50,004 shares during the period. Finally, HighTower Advisors LLC raised its stake in Lamar Advertising by 4.3% in the first quarter. HighTower Advisors LLC now owns 674,089 shares of the real estate investment trust's stock valued at $76,698,000 after purchasing an additional 27,823 shares in the last quarter. 93.78% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on LAMR. JPMorgan Chase & Co. decreased their target price on shares of Lamar Advertising from $125.00 to $122.00 and set a "neutral" rating on the stock in a report on Monday, August 11th. Weiss Ratings reissued a "buy (b-)" rating on shares of Lamar Advertising in a research note on Saturday, September 27th. Morgan Stanley boosted their price objective on shares of Lamar Advertising from $125.00 to $135.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Finally, Wells Fargo & Company reduced their target price on Lamar Advertising from $122.00 to $119.00 and set an "equal weight" rating on the stock in a report on Monday, August 11th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $134.20.

Insiders Place Their Bets

In related 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 transaction of $2,734,160.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 14.99% of the stock is owned by corporate insiders.

Lamar Advertising Stock Up 1.0%

LAMR stock opened at $123.22 on Monday. The firm has a market capitalization of $12.47 billion, a PE ratio of 28.66 and a beta of 1.37. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 3.45. Lamar Advertising Company has a twelve month low of $99.84 and a twelve month high of $139.88. The stock's 50 day moving average is $124.03 and its 200-day moving average is $119.66.

Lamar Advertising (NASDAQ:LAMR - Get Free Report) last released 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 business had revenue of $579.31 million for the quarter, compared to analysts' expectations of $580.72 million. Lamar Advertising has set its FY 2025 guidance at 6.090-6.11 EPS. Sell-side analysts expect that Lamar Advertising Company will post 7.92 EPS for the current fiscal year.

Lamar Advertising Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Friday, September 19th were issued a dividend of $1.55 per share. The ex-dividend date of this dividend was Friday, September 19th. This represents a $6.20 annualized dividend and a yield of 5.0%. Lamar Advertising's dividend payout ratio is 144.19%.

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.

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