Elevate Capital Advisors LLC Takes Position in Lamar Advertising Company (NASDAQ:LAMR)

Elevate Capital Advisors LLC bought a new position in shares of Lamar Advertising Company (NASDAQ:LAMR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 14,192 shares of the real estate investment trust's stock, valued at approximately $1,615,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Cohen & Steers Inc. boosted its stake in Lamar Advertising by 453.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,660,664 shares of the real estate investment trust's stock worth $323,900,000 after purchasing an additional 2,180,011 shares during the period. FMR LLC increased its stake in Lamar Advertising by 11.0% in the 4th quarter. FMR LLC now owns 5,527,270 shares of the real estate investment trust's stock valued at $672,890,000 after buying an additional 545,606 shares during the period. Daiwa Securities Group Inc. raised its position in Lamar Advertising by 108.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 905,368 shares of the real estate investment trust's stock worth $110,220,000 after buying an additional 470,805 shares during the last quarter. Norges Bank acquired a new stake in shares of Lamar Advertising in the 4th quarter worth $57,255,000. Finally, Northern Trust Corp boosted its holdings in shares of Lamar Advertising by 50.5% in the fourth quarter. Northern Trust Corp now owns 1,278,397 shares of the real estate investment trust's stock valued at $155,632,000 after acquiring an additional 428,744 shares in the last quarter. 93.78% of the stock is owned by institutional investors and hedge funds.

Lamar Advertising Stock Performance

Shares of LAMR opened at $121.36 on Tuesday. Lamar Advertising Company has a 1 year low of $99.84 and a 1 year high of $139.88. The company's 50 day simple moving average is $117.92 and its 200 day simple moving average is $119.16. The company has a market capitalization of $12.43 billion, a price-to-earnings ratio of 29.46 and a beta of 1.35. The company has a debt-to-equity ratio of 2.89, a quick ratio of 0.57 and a current ratio of 0.57.

Lamar Advertising (NASDAQ:LAMR - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The real estate investment trust reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.06. Lamar Advertising had a return on equity of 37.62% and a net margin of 19.08%. The business had revenue of $505.43 million during the quarter, compared to the consensus estimate of $509.72 million. On average, sell-side analysts predict that Lamar Advertising Company will post 7.92 EPS for the current year.

Lamar Advertising Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date of this dividend was Monday, June 16th. Lamar Advertising's dividend payout ratio is currently 150.49%.

Analysts Set New Price Targets

LAMR has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price objective on Lamar Advertising from $135.00 to $125.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Citigroup upgraded shares of Lamar Advertising from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $114.00 to $135.00 in a research report on Thursday, May 29th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $134.00.

Lamar Advertising Company 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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