Royal Bank of Canada reduced its holdings in Lamar Advertising Co (NASDAQ:LAMR) by 87.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 311,945 shares of the real estate investment trust’s stock after selling 2,273,962 shares during the quarter. Royal Bank of Canada owned about 0.31% of Lamar Advertising worth $15,997,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Victory Capital Management Inc. boosted its position in Lamar Advertising by 1.9% in the first quarter. Victory Capital Management Inc. now owns 3,528,843 shares of the real estate investment trust’s stock worth $180,959,000 after purchasing an additional 64,216 shares during the last quarter. State Street Corp raised its stake in shares of Lamar Advertising by 2.8% during the 1st quarter. State Street Corp now owns 2,119,547 shares of the real estate investment trust’s stock valued at $108,690,000 after purchasing an additional 57,978 shares during the period. Cohen & Steers Inc. raised its stake in shares of Lamar Advertising by 6.1% during the 1st quarter. Cohen & Steers Inc. now owns 2,112,201 shares of the real estate investment trust’s stock valued at $108,314,000 after purchasing an additional 120,499 shares during the period. Capital International Investors bought a new stake in shares of Lamar Advertising during the 1st quarter valued at $81,928,000. Finally, Wells Fargo & Company MN raised its stake in shares of Lamar Advertising by 0.6% during the 1st quarter. Wells Fargo & Company MN now owns 1,324,861 shares of the real estate investment trust’s stock valued at $67,940,000 after purchasing an additional 8,164 shares during the period. Institutional investors and hedge funds own 78.22% of the company’s stock.

A number of research firms recently issued reports on LAMR. Morgan Stanley boosted their price objective on Lamar Advertising from $52.00 to $77.00 and gave the company an “equal weight” rating in a research note on Monday, June 22nd. MKM Partners decreased their target price on Lamar Advertising from $92.00 to $53.00 and set a “neutral” rating on the stock in a research note on Monday, April 13th. JPMorgan Chase & Co. decreased their target price on Lamar Advertising from $74.00 to $56.00 and set a “neutral” rating on the stock in a research note on Monday, April 13th. ValuEngine lowered Lamar Advertising from a “hold” rating to a “sell” rating in a research note on Thursday, April 2nd. Finally, BidaskClub lowered Lamar Advertising from a “hold” rating to a “sell” rating in a research note on Saturday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $66.00.

In other news, Director John E. Koerner III acquired 17,000 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was purchased at an average cost of $66.32 per share, for a total transaction of $1,127,440.00. 15.02% of the stock is currently owned by corporate insiders.

Shares of NASDAQ LAMR opened at $64.16 on Friday. The firm has a market capitalization of $6.77 billion, a P/E ratio of 11.35 and a beta of 1.38. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 3.91. The stock’s 50-day simple moving average is $68.70 and its two-hundred day simple moving average is $73.50. Lamar Advertising Co has a twelve month low of $30.89 and a twelve month high of $96.82.

Lamar Advertising (NASDAQ:LAMR) last posted its quarterly earnings data on Thursday, May 7th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Lamar Advertising had a return on equity of 31.25% and a net margin of 20.35%. The firm had revenue of $406.57 million during the quarter, compared to analysts’ expectations of $396.04 million. During the same period in the prior year, the business earned $0.51 EPS. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, research analysts anticipate that Lamar Advertising Co will post 4.71 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, June 19th. Lamar Advertising’s payout ratio is currently 34.48%.

Lamar Advertising Company 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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