Victory Capital Management Inc. Trims Stake in Lamar Advertising (NASDAQ:LAMR)

Victory Capital Management Inc. cut its stake in Lamar Advertising (NASDAQ:LAMR) by 0.6% in the fourth quarter, HoldingsChannel reports. The fund owned 3,429,076 shares of the real estate investment trust’s stock after selling 20,980 shares during the period. Victory Capital Management Inc.’s holdings in Lamar Advertising were worth $417,456,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Farther Finance Advisors LLC boosted its stake in shares of Lamar Advertising by 23.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 975 shares of the real estate investment trust’s stock worth $130,000 after acquiring an additional 184 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Lamar Advertising by 78.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 2,524 shares of the real estate investment trust’s stock worth $337,000 after purchasing an additional 1,111 shares during the period. Asset Management One Co. Ltd. boosted its position in Lamar Advertising by 42,096.3% during the third quarter. Asset Management One Co. Ltd. now owns 126,167 shares of the real estate investment trust’s stock worth $16,856,000 after purchasing an additional 125,868 shares in the last quarter. QRG Capital Management Inc. acquired a new stake in Lamar Advertising in the third quarter valued at approximately $2,015,000. Finally, Austin Private Wealth LLC acquired a new stake in Lamar Advertising in the third quarter valued at approximately $208,000. Hedge funds and other institutional investors own 93.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LAMR. Wells Fargo & Company cut their price target on shares of Lamar Advertising from $132.00 to $124.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Citigroup lifted their target price on shares of Lamar Advertising from $121.76 to $128.00 and gave the company a “neutral” rating in a research report on Tuesday, February 25th. TD Cowen upped their price target on shares of Lamar Advertising from $142.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. lowered their price objective on Lamar Advertising from $129.00 to $126.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Finally, Morgan Stanley increased their target price on Lamar Advertising from $125.00 to $135.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Lamar Advertising presently has an average rating of “Hold” and a consensus price target of $134.60.

Lamar Advertising Stock Performance

NASDAQ:LAMR opened at $121.97 on Wednesday. Lamar Advertising has a 12 month low of $108.80 and a 12 month high of $139.88. The company has a debt-to-equity ratio of 2.48, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market capitalization of $12.49 billion, a PE ratio of 34.55 and a beta of 1.51. The business’s fifty day moving average price is $124.44 and its 200 day moving average price is $127.88.

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

Lamar Advertising Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a dividend of $1.55 per share. The ex-dividend date is Friday, March 14th. This is a positive change from Lamar Advertising’s previous quarterly dividend of $1.40. This represents a $6.20 dividend on an annualized basis and a dividend yield of 5.08%. Lamar Advertising’s dividend payout ratio (DPR) is 175.64%.

Lamar Advertising Company 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.