PNC Financial Services Group Inc. Reduces Holdings in Lamar Advertising (NASDAQ:LAMR)

PNC Financial Services Group Inc. decreased its position in shares of Lamar Advertising (NASDAQ:LAMR) by 11.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 45,532 shares of the real estate investment trust’s stock after selling 5,769 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Lamar Advertising were worth $6,083,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in Lamar Advertising by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,332,586 shares of the real estate investment trust’s stock worth $159,283,000 after purchasing an additional 75,955 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Lamar Advertising by 81.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 937,440 shares of the real estate investment trust’s stock worth $112,052,000 after buying an additional 420,311 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Lamar Advertising by 4.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 566,644 shares of the real estate investment trust’s stock valued at $67,664,000 after buying an additional 22,382 shares in the last quarter. Boston Trust Walden Corp grew its stake in Lamar Advertising by 2.0% in the 3rd quarter. Boston Trust Walden Corp now owns 407,813 shares of the real estate investment trust’s stock valued at $54,484,000 after buying an additional 8,135 shares in the last quarter. Finally, Raymond James & Associates raised its holdings in Lamar Advertising by 3.8% during the 2nd quarter. Raymond James & Associates now owns 370,275 shares of the real estate investment trust’s stock valued at $44,259,000 after acquiring an additional 13,444 shares during the period. Hedge funds and other institutional investors own 93.78% of the company’s stock.

Lamar Advertising Stock Performance

Shares of LAMR opened at $130.35 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 2.48. The stock has a 50-day moving average price of $132.41 and a 200-day moving average price of $123.73. The company has a market cap of $13.34 billion, a PE ratio of 26.07 and a beta of 1.52. Lamar Advertising has a 12-month low of $97.54 and a 12-month high of $139.88.

Lamar Advertising (NASDAQ:LAMR) last announced its earnings results on Friday, November 8th. The real estate investment trust reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.73). The company had revenue of $564.10 million for the quarter, compared to the consensus estimate of $568.91 million. Lamar Advertising had a net margin of 23.46% and a return on equity of 42.58%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.04 earnings per share. As a group, equities analysts forecast that Lamar Advertising will post 7.52 earnings per share for the current fiscal year.

Lamar Advertising Increases Dividend

The company also recently declared 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 an increase from Lamar Advertising’s previous quarterly dividend of $1.30. The ex-dividend date was Wednesday, September 18th. This represents a $5.60 dividend on an annualized basis and a yield of 4.30%. Lamar Advertising’s dividend payout ratio (DPR) is presently 112.00%.

Analyst Ratings Changes

LAMR has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price target on Lamar Advertising from $117.00 to $121.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Morgan Stanley lifted 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. TD Cowen increased their price target on shares of Lamar Advertising from $142.00 to $160.00 and gave the stock a “buy” rating in a report on Monday, November 11th. StockNews.com lowered shares of Lamar Advertising from a “buy” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company decreased their target price on shares of Lamar Advertising from $132.00 to $124.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Lamar Advertising has an average rating of “Hold” and a consensus price target of $132.40.

About Lamar Advertising

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.