Lamar Advertising Co (NASDAQ:LAMR) Shares Purchased by DAVENPORT & Co LLC

DAVENPORT & Co LLC lifted its holdings in Lamar Advertising Co (NASDAQ:LAMR) by 61.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,692,340 shares of the real estate investment trust’s stock after acquiring an additional 642,609 shares during the quarter. Lamar Advertising accounts for 1.3% of DAVENPORT & Co LLC’s holdings, making the stock its 20th biggest position. DAVENPORT & Co LLC owned approximately 1.68% of Lamar Advertising worth $111,982,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC increased its stake in shares of Lamar Advertising by 219.8% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 387 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 266 shares during the period. Cornerstone Advisors Inc. increased its stake in shares of Lamar Advertising by 114.2% in the second quarter. Cornerstone Advisors Inc. now owns 392 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 209 shares during the period. Ropes Wealth Advisors LLC acquired a new stake in Lamar Advertising during the second quarter valued at $32,000. Heritage Wealth Advisors grew its position in Lamar Advertising by 58.1% during the second quarter. Heritage Wealth Advisors now owns 702 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 258 shares during the period. Finally, WASHINGTON TRUST Co acquired a new stake in Lamar Advertising during the second quarter valued at $54,000. Hedge funds and other institutional investors own 77.42% of the company’s stock.

Shares of NASDAQ:LAMR traded down $0.56 during midday trading on Friday, hitting $65.60. The company’s stock had a trading volume of 380,375 shares, compared to its average volume of 808,551. The business’s 50 day simple moving average is $67.71 and its 200 day simple moving average is $63.92. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market cap of $6.61 billion, a P/E ratio of 24.12 and a beta of 1.30. Lamar Advertising Co has a 12-month low of $30.89 and a 12-month high of $96.82.

Lamar Advertising (NASDAQ:LAMR) last posted its quarterly earnings results on Thursday, August 6th. The real estate investment trust reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by ($0.68). Lamar Advertising had a return on equity of 23.81% and a net margin of 16.38%. The business had revenue of $347.70 million during the quarter, compared to analysts’ expectations of $367.30 million. During the same period in the prior year, the business posted $1.18 earnings per share. The business’s quarterly revenue was down 22.5% on a year-over-year basis. On average, sell-side analysts predict that Lamar Advertising Co will post 4.71 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Friday, September 18th. Lamar Advertising’s dividend payout ratio (DPR) is presently 34.48%.

Several analysts recently commented on LAMR shares. ValuEngine lowered shares of Lamar Advertising from a “hold” rating to a “sell” rating in a research report on Monday, October 12th. Morgan Stanley raised their price target on shares of Lamar Advertising from $52.00 to $77.00 and gave the company an “equal weight” rating in a research report on Monday, June 22nd. BidaskClub lowered shares of Lamar Advertising from a “sell” rating to a “strong sell” rating in a research report on Friday. Wolfe Research upgraded shares of Lamar Advertising from an “underperform” rating to a “peer perform” rating and set a $73.00 target price on the stock in a research report on Monday, July 27th. Finally, Citigroup lifted their target price on shares of Lamar Advertising from $58.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, June 19th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $67.17.

Lamar Advertising Profile

Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with approximately 360,000 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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Institutional Ownership by Quarter for Lamar Advertising (NASDAQ:LAMR)

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