Royal Bank of Canada Has $16.59 Million Stake in Lamar Advertising (NASDAQ:LAMR)

Posted by on Mar 7th, 2023

Royal Bank of Canada trimmed its position in shares of Lamar Advertising (NASDAQ:LAMR – Get Rating) by 17.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 201,090 shares of the real estate investment trust’s stock after selling 42,890 shares during the period. Royal Bank of Canada owned 0.20% of Lamar Advertising worth $16,586,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. National Bank of Canada FI increased its holdings in Lamar Advertising by 30,944.6% during the third quarter. National Bank of Canada FI now owns 95,307 shares of the real estate investment trust’s stock worth $7,862,000 after buying an additional 95,000 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Lamar Advertising in the second quarter valued at $310,000. Clearstead Advisors LLC increased its holdings in shares of Lamar Advertising by 5.2% in the second quarter. Clearstead Advisors LLC now owns 2,412 shares of the real estate investment trust’s stock valued at $212,000 after purchasing an additional 120 shares during the last quarter. Boston Partners increased its holdings in shares of Lamar Advertising by 26.6% in the third quarter. Boston Partners now owns 1,607,951 shares of the real estate investment trust’s stock valued at $132,674,000 after purchasing an additional 338,090 shares during the last quarter. Finally, Cambridge Trust Co. increased its holdings in shares of Lamar Advertising by 103.4% in the second quarter. Cambridge Trust Co. now owns 962 shares of the real estate investment trust’s stock valued at $85,000 after purchasing an additional 489 shares during the last quarter. 79.73% of the stock is currently owned by institutional investors and hedge funds.

Lamar Advertising Trading Down 1.2 %

LAMR stock opened at $105.08 on Tuesday. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.50 and a current ratio of 0.50. The company’s 50-day simple moving average is $102.63 and its 200 day simple moving average is $96.17. Lamar Advertising has a 52 week low of $81.10 and a 52 week high of $119.68. The company has a market capitalization of $10.69 billion, a PE ratio of 24.32 and a beta of 1.39.

Lamar Advertising (NASDAQ:LAMR – Get Rating) last released its quarterly earnings results on Friday, February 24th. The real estate investment trust reported $0.65 EPS for the quarter, missing the consensus estimate of $1.69 by ($1.04). Lamar Advertising had a net margin of 21.58% and a return on equity of 35.56%. The business had revenue of $535.51 million during the quarter, compared to analyst estimates of $536.42 million. During the same quarter last year, the company posted $1.78 earnings per share. The company’s revenue was up 8.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Lamar Advertising will post 7.24 earnings per share for the current year.

Lamar Advertising Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 17th will be given a dividend of $1.25 per share. This is a boost from Lamar Advertising’s previous quarterly dividend of $1.20. The ex-dividend date is Thursday, March 16th. This represents a $5.00 annualized dividend and a yield of 4.76%. Lamar Advertising’s dividend payout ratio is currently 111.11%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LAMR shares. Citigroup upped their price objective on shares of Lamar Advertising from $108.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, March 1st. StockNews.com downgraded shares of Lamar Advertising from a “buy” rating to a “hold” rating in a report on Friday, February 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Lamar Advertising from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 27th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $116.75.

About Lamar Advertising

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Lamar Advertising Co engages in advertising services. The firm rents advertising space on billboards, buses, shelters, benches, logo plates, and in airport terminals. The company was founded in 1902 and is headquartered in Baton Rouge, LA.

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Institutional Ownership by Quarter for Lamar Advertising (NASDAQ:LAMR)

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