Lamar Advertising (NASDAQ:LAMR) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. cut its stake in shares of Lamar Advertising (NASDAQ:LAMR) by 4.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,751 shares of the real estate investment trust’s stock after selling 4,425 shares during the quarter. Corebridge Financial Inc.’s holdings in Lamar Advertising were worth $12,144,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Lamar Advertising by 45.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,974,848 shares of the real estate investment trust’s stock valued at $263,840,000 after purchasing an additional 617,356 shares during the period. Daiwa Securities Group Inc. lifted its stake in Lamar Advertising by 108.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 905,368 shares of the real estate investment trust’s stock valued at $110,220,000 after buying an additional 470,805 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Lamar Advertising in the fourth quarter worth about $48,023,000. Duff & Phelps Investment Management Co. increased its position in shares of Lamar Advertising by 631.7% in the third quarter. Duff & Phelps Investment Management Co. now owns 180,296 shares of the real estate investment trust’s stock worth $24,088,000 after acquiring an additional 155,656 shares in the last quarter. Finally, Boston Partners raised its holdings in shares of Lamar Advertising by 6.7% during the fourth quarter. Boston Partners now owns 2,423,981 shares of the real estate investment trust’s stock valued at $295,122,000 after acquiring an additional 152,575 shares during the period. 93.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Lamar Advertising from $129.00 to $126.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Citigroup raised their target price on Lamar Advertising from $121.76 to $128.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 25th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $134.60.

Lamar Advertising Stock Performance

Shares of LAMR opened at $112.79 on Wednesday. The company has a market capitalization of $11.55 billion, a PE ratio of 31.95 and a beta of 1.53. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.56 and a current ratio of 0.56. The company’s 50 day moving average price is $122.93 and its 200 day moving average price is $127.18. Lamar Advertising has a 52 week low of $108.80 and a 52 week high of $139.88.

Lamar Advertising (NASDAQ:LAMR) last posted its quarterly earnings results on Thursday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, beating the consensus estimate of $1.47 by $0.74. Lamar Advertising had a net margin of 16.40% and a return on equity of 30.20%. The business had revenue of $579.57 million for the quarter, compared to analysts’ expectations of $583.19 million. Research analysts expect that Lamar Advertising will post 7.92 EPS for the current fiscal year.

Lamar Advertising Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $1.55 dividend. This is a positive change from Lamar Advertising’s previous quarterly dividend of $1.40. This represents a $6.20 annualized dividend and a yield of 5.50%. The ex-dividend date of this dividend is Friday, March 14th. Lamar Advertising’s dividend payout ratio is presently 175.64%.

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.