PNC Financial Services Group Inc. decreased its holdings in Lamar Advertising Co (NASDAQ:LAMR) by 58.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 145,122 shares of the real estate investment trust’s stock after selling 206,341 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Lamar Advertising were worth $9,913,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in LAMR. Point72 Asia Hong Kong Ltd lifted its stake in shares of Lamar Advertising by 566.4% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,606 shares of the real estate investment trust’s stock worth $102,000 after acquiring an additional 1,365 shares in the last quarter. McKinley Carter Wealth Services Inc. bought a new position in shares of Lamar Advertising during the first quarter valued at approximately $164,000. Quadrature Capital Ltd bought a new position in shares of Lamar Advertising during the first quarter valued at approximately $203,000. Anchor Capital Advisors LLC bought a new position in shares of Lamar Advertising during the second quarter valued at approximately $242,000. Finally, Inverness Counsel LLC NY bought a new position in shares of Lamar Advertising during the second quarter valued at approximately $318,000. Institutional investors and hedge funds own 85.91% of the company’s stock.
Several equities analysts have recently commented on LAMR shares. BidaskClub lowered Lamar Advertising from a “buy” rating to a “hold” rating in a report on Thursday, June 21st. TheStreet raised Lamar Advertising from a “c+” rating to a “b-” rating in a report on Wednesday, June 6th. ValuEngine raised Lamar Advertising from a “sell” rating to a “hold” rating in a report on Saturday, June 2nd. Zacks Investment Research lowered Lamar Advertising from a “buy” rating to a “hold” rating in a report on Friday, June 15th. Finally, MKM Partners upped their target price on Lamar Advertising to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $74.20.
Lamar Advertising (NASDAQ:LAMR) last issued its quarterly earnings data on Wednesday, August 8th. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.06. Lamar Advertising had a return on equity of 27.75% and a net margin of 18.93%. The business had revenue of $419.80 million during the quarter, compared to analyst estimates of $416.75 million. During the same period in the prior year, the company posted $0.94 EPS. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. equities research analysts forecast that Lamar Advertising Co will post 5.05 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend is Thursday, September 13th. Lamar Advertising’s dividend payout ratio (DPR) is 72.08%.
About Lamar Advertising
Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with more than 348,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day.
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