Lamar Advertising (NASDAQ:LAMR) Posts Quarterly Earnings Results, Misses Expectations By $0.71 EPS

Lamar Advertising (NASDAQ:LAMR) released its quarterly earnings data on Thursday. The real estate investment trust reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.71), RTT News reports. Lamar Advertising had a return on equity of 41.88% and a net margin of 23.49%. The company had revenue of $498.15 million for the quarter, compared to analysts’ expectations of $496.98 million. During the same period in the prior year, the firm posted $1.41 EPS. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. Lamar Advertising updated its FY24 guidance to $7.75 to $7.90 EPS.

Lamar Advertising Price Performance

LAMR stock traded down $3.60 on Friday, reaching $115.08. The company had a trading volume of 641,317 shares, compared to its average volume of 419,358. The company’s fifty day moving average is $114.99 and its 200 day moving average is $105.69. The company has a market cap of $11.75 billion, a P/E ratio of 23.73 and a beta of 1.49. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.52 and a current ratio of 0.52. Lamar Advertising has a 1 year low of $77.21 and a 1 year high of $121.99.

Lamar Advertising Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $1.30 per share. This is an increase from Lamar Advertising’s previous quarterly dividend of $1.25. This represents a $5.20 annualized dividend and a dividend yield of 4.52%. The ex-dividend date was Thursday, March 14th. Lamar Advertising’s payout ratio is currently 107.22%.

Analysts Set New Price Targets

LAMR has been the topic of several research analyst reports. Morgan Stanley boosted their price target on Lamar Advertising from $105.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. StockNews.com raised Lamar Advertising from a “hold” rating to a “buy” rating in a report on Tuesday, March 5th. Finally, JPMorgan Chase & Co. lifted their price target on Lamar Advertising from $92.00 to $109.00 and gave the stock a “neutral” rating in a research note on Monday, February 26th.

Insiders Place Their Bets

In other news, CFO Jay Lecoryelle Johnson sold 5,000 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $118.97, for a total value of $594,850.00. Following the sale, the chief financial officer now directly owns 10,000 shares in the company, valued at $1,189,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.98% of the stock is currently owned by company insiders.

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.