Purkiss Capital Advisors LLC Invests $277,000 in Lamar Advertising Company (NASDAQ:LAMR)

Key Points

• Purkiss Capital Advisors LLC has acquired a new position in Lamar Advertising Company, purchasing 2,436 shares valued at approximately $277,000 in the first quarter of 2023.
• Lamar Advertising reported $1.60 earnings per share for its last quarter, surpassing analysts' expectations, and had a net margin of 19.08% with a revenue of $505.43 million.
• The company announced a quarterly dividend of $1.55 per share, representing an annualized dividend yield of 4.94%, although its payout ratio is notably high at 150.49%.

Purkiss Capital Advisors LLC purchased a new position in shares of Lamar Advertising Company (NASDAQ:LAMR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,436 shares of the real estate investment trust's stock, valued at approximately $277,000.

Other large investors have also added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of 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 acquiring an additional 545,606 shares during the last quarter. Cohen & Steers Inc. lifted its stake in shares of Lamar Advertising by 453.6% in the 4th quarter. Cohen & Steers Inc. now owns 2,660,664 shares of the real estate investment trust's stock valued at $323,900,000 after acquiring an additional 2,180,011 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Lamar Advertising by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 2,114,001 shares of the real estate investment trust's stock valued at $257,414,000 after acquiring an additional 59,039 shares during the last quarter. Northern Trust Corp lifted its stake in shares of 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 valued at $155,632,000 after acquiring an additional 428,744 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Lamar Advertising by 5.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 917,833 shares of the real estate investment trust's stock valued at $104,431,000 after acquiring an additional 50,004 shares during the last quarter. Institutional investors and hedge funds own 93.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on LAMR shares. Citigroup upgraded Lamar Advertising from a "neutral" rating to a "buy" rating and increased their price target for the company from $114.00 to $135.00 in a research note 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 note on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $134.00.

Lamar Advertising Trading Down 0.3%

NASDAQ:LAMR traded down $0.40 during trading hours on Thursday, hitting $122.51. 298,535 shares of the company were exchanged, compared to its average volume of 602,665. The stock has a market capitalization of $12.54 billion, a price-to-earnings ratio of 29.75 and a beta of 1.33. 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 one year low of $99.84 and a one year high of $139.88. The company has a fifty day simple moving average of $121.89 and a 200 day simple moving average of $119.52.

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

Lamar Advertising Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 5.06%. The ex-dividend date of this dividend was Monday, June 16th. Lamar Advertising's dividend payout ratio is currently 150.49%.

About Lamar Advertising

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.