Private Management Group Inc. Buys 11,835 Shares of Lamar Advertising Company (NASDAQ:LAMR)

Key Points

• Private Management Group Inc. has increased its ownership in Lamar Advertising Company by 7.3%, acquiring an additional 11,835 shares to hold a total of 173,959 shares worth approximately $19.8 million.
• Lamar Advertising recently reported earnings of $1.60 per share for the last quarter, exceeding analysts' expectations, along with revenues of $505.43 million, slightly below estimates.
• The company announced a quarterly dividend of $1.55 per share, reflecting a 4.96% dividend yield, despite a high payout ratio of 150.49%.

Private Management Group Inc. increased its position in shares of Lamar Advertising Company (NASDAQ:LAMR - Free Report) by 7.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,959 shares of the real estate investment trust's stock after acquiring an additional 11,835 shares during the period. Private Management Group Inc. owned about 0.17% of Lamar Advertising worth $19,793,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of LAMR. Cohen & Steers Inc. grew its holdings 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 acquiring an additional 2,180,011 shares during the last quarter. FMR LLC raised its stake in shares of Lamar Advertising by 11.0% in the fourth quarter. FMR LLC now owns 5,527,270 shares of the real estate investment trust's stock worth $672,890,000 after purchasing an additional 545,606 shares during the last quarter. Norges Bank bought a new stake in shares of Lamar Advertising in the 4th quarter worth $57,255,000. Northern Trust Corp grew its position in Lamar Advertising by 50.5% in the 4th quarter. Northern Trust Corp now owns 1,278,397 shares of the real estate investment trust's stock worth $155,632,000 after purchasing an additional 428,744 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Lamar Advertising during the fourth quarter worth $48,023,000. Institutional investors own 93.78% of the company's stock.

Lamar Advertising Stock Down 1.0%

Shares of NASDAQ:LAMR opened at $124.98 on Friday. The stock has a market capitalization of $12.80 billion, a P/E ratio of 30.33 and a beta of 1.33. The stock's 50-day moving average price is $121.39 and its 200-day moving average price is $119.39. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 2.89. Lamar Advertising Company has a 12-month low of $99.84 and a 12-month high of $139.88.

Lamar Advertising (NASDAQ:LAMR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The real estate investment trust reported $1.60 earnings per share 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 firm had revenue of $505.43 million during the quarter, compared to analyst estimates of $509.72 million. On average, equities analysts anticipate that Lamar Advertising Company will post 7.92 earnings per share for the current year.

Lamar Advertising Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $1.55 dividend. The ex-dividend date was Monday, June 16th. This represents a $6.20 annualized dividend and a dividend yield of 4.96%. Lamar Advertising's payout ratio is presently 150.49%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Citigroup raised Lamar Advertising from a "neutral" rating to a "buy" rating and increased their price objective for the company from $114.00 to $135.00 in a report on Thursday, May 29th. Morgan Stanley dropped their price target on Lamar Advertising from $135.00 to $125.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $134.00.

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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