Lamar Advertising (NASDAQ:LAMR) Updates FY24 Earnings Guidance

Lamar Advertising (NASDAQ:LAMRGet Free Report) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share guidance of $7.67-7.82 for the period, compared to the consensus earnings per share estimate of $7.70. Lamar Advertising also updated its FY 2024 guidance to 5.020-5.070 EPS.

Lamar Advertising Stock Performance

LAMR stock traded down $2.75 during midday trading on Friday, reaching $110.08. 963,929 shares of the company’s stock traded hands, compared to its average volume of 362,809. The company has a 50-day moving average price of $105.98 and a two-hundred day moving average price of $95.63. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.55 and a current ratio of 0.55. Lamar Advertising has a 52 week low of $77.21 and a 52 week high of $117.62. The firm has a market capitalization of $11.23 billion, a PE ratio of 27.25 and a beta of 1.50.

Lamar Advertising (NASDAQ:LAMRGet Free Report) last issued its earnings results on Friday, February 23rd. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.49). Lamar Advertising had a net margin of 19.75% and a return on equity of 35.03%. The business had revenue of $555.91 million for the quarter, compared to the consensus estimate of $549.84 million. During the same period in the previous year, the firm earned $1.91 EPS. As a group, equities analysts anticipate that Lamar Advertising will post 7.15 EPS for the current year.

Lamar Advertising Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Friday, March 15th will be issued a dividend of $1.30 per share. This is a boost from Lamar Advertising’s previous quarterly dividend of $1.25. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $5.20 dividend on an annualized basis and a yield of 4.72%. Lamar Advertising’s payout ratio is presently 123.76%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Lamar Advertising from a buy rating to a hold rating in a research report on Friday.

Get Our Latest Stock Analysis on LAMR

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Harbour Investments Inc. grew its position in shares of Lamar Advertising by 35.4% during the 4th quarter. Harbour Investments Inc. now owns 761 shares of the real estate investment trust’s stock valued at $81,000 after purchasing an additional 199 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in Lamar Advertising by 3.6% in the fourth quarter. Public Employees Retirement System of Ohio now owns 39,010 shares of the real estate investment trust’s stock worth $4,146,000 after acquiring an additional 1,339 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Lamar Advertising in the fourth quarter worth $206,000. Barclays PLC grew its position in Lamar Advertising by 122.6% in the fourth quarter. Barclays PLC now owns 123,302 shares of the real estate investment trust’s stock worth $13,104,000 after acquiring an additional 67,919 shares in the last quarter. Finally, Profund Advisors LLC purchased a new position in Lamar Advertising in the fourth quarter worth $283,000. 79.80% of the stock is currently owned by hedge funds and other institutional investors.

About Lamar Advertising

(Get Free Report)

Lamar Advertising Company operates as an outdoor advertising company in North America. It operates approximately 363,000 displays across the United States and Canada. It offers advertisers a range of billboard, interstate logo, transit, and airport advertising formats helping local businesses and national brands.

Further Reading

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