Truist Financial Corp Sells 1,809 Shares of Lamar Advertising (NASDAQ:LAMR)

Truist Financial Corp reduced its holdings in shares of Lamar Advertising (NASDAQ:LAMR) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 81,525 shares of the real estate investment trust’s stock after selling 1,809 shares during the period. Truist Financial Corp owned about 0.08% of Lamar Advertising worth $9,745,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Financial Synergies Wealth Advisors Inc. bought a new position in shares of Lamar Advertising during the first quarter valued at $25,000. Whittier Trust Co. boosted its position in Lamar Advertising by 144.4% in the second quarter. Whittier Trust Co. now owns 220 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 130 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in Lamar Advertising during the first quarter worth about $27,000. MFA Wealth Advisors LLC acquired a new stake in shares of Lamar Advertising during the second quarter worth approximately $30,000. Finally, Quarry LP raised its stake in shares of Lamar Advertising by 70.4% in the fourth quarter. Quarry LP now owns 322 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 133 shares during the last quarter. Institutional investors own 93.78% of the company’s stock.

Lamar Advertising Price Performance

Lamar Advertising stock opened at $132.61 on Friday. The business’s 50-day simple moving average is $124.17 and its 200 day simple moving average is $119.55. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 2.31. The stock has a market cap of $13.56 billion, a price-to-earnings ratio of 27.23 and a beta of 1.52. Lamar Advertising has a 12-month low of $77.21 and a 12-month high of $137.40.

Lamar Advertising (NASDAQ:LAMR) last issued its earnings results on Thursday, August 8th. The real estate investment trust reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.01 by ($0.67). The business had revenue of $565.25 million during the quarter, compared to the consensus estimate of $564.96 million. Lamar Advertising had a net margin of 23.34% and a return on equity of 42.18%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the business posted $1.90 EPS. As a group, research analysts anticipate that Lamar Advertising will post 7.75 earnings per share for the current year.

Lamar Advertising Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Wednesday, September 18th were given a dividend of $1.40 per share. This is a boost from Lamar Advertising’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $5.60 annualized dividend and a dividend yield of 4.22%. Lamar Advertising’s payout ratio is presently 114.99%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on LAMR. StockNews.com lowered Lamar Advertising from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Wells Fargo & Company began coverage on Lamar Advertising in a research note on Thursday, September 19th. They issued an “equal weight” rating and a $132.00 target price for the company. TD Cowen upped their price target on shares of Lamar Advertising from $135.00 to $140.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Citigroup lowered shares of Lamar Advertising from a “buy” rating to a “neutral” rating and set a $122.00 price objective on the stock. in a report on Thursday, July 11th. Finally, JPMorgan Chase & Co. upped their target price on shares of Lamar Advertising from $117.00 to $121.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $125.00.

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.