Citigroup Inc. raised its holdings in shares of Lamar Advertising Company (REIT) (NASDAQ:LAMR) by 18.1% during the 2nd quarter, Holdings Channel reports. The fund owned 58,558 shares of the real estate investment trust’s stock after purchasing an additional 8,969 shares during the period. Citigroup Inc.’s holdings in Lamar Advertising were worth $6,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also made changes to their positions in the business. Rockefeller Capital Management L.P. raised its stake in Lamar Advertising by 76.2% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 992 shares of the real estate investment trust’s stock valued at $103,000 after acquiring an additional 429 shares in the last quarter. Rafferty Asset Management LLC raised its stake in shares of Lamar Advertising by 52.0% in the 2nd quarter. Rafferty Asset Management LLC now owns 6,912 shares of the real estate investment trust’s stock worth $722,000 after buying an additional 2,364 shares in the last quarter. WINTON GROUP Ltd raised its stake in shares of Lamar Advertising by 6.9% in the 2nd quarter. WINTON GROUP Ltd now owns 10,396 shares of the real estate investment trust’s stock worth $1,086,000 after buying an additional 673 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Lamar Advertising by 10,855.0% in the 2nd quarter. O Shaughnessy Asset Management LLC now owns 2,191 shares of the real estate investment trust’s stock worth $229,000 after buying an additional 2,171 shares in the last quarter. Finally, First Horizon Advisors Inc. bought a new stake in shares of Lamar Advertising in the 2nd quarter worth $31,000. 78.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ LAMR opened at $117.42 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 2.18. The stock has a market capitalization of $11.88 billion, a price-to-earnings ratio of 36.02 and a beta of 1.48. The stock’s fifty day simple moving average is $109.96 and its 200 day simple moving average is $104.07. Lamar Advertising Company has a 52-week low of $59.78 and a 52-week high of $119.20.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Monday, September 20th will be issued a dividend of $1.00 per share. This is an increase from Lamar Advertising’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Friday, September 17th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.41%. Lamar Advertising’s payout ratio is currently 78.43%.
A number of analysts have recently commented on LAMR shares. Morgan Stanley boosted their price objective on Lamar Advertising from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, June 11th. TheStreet upgraded Lamar Advertising from a “c+” rating to a “b+” rating in a report on Thursday, August 5th.
About Lamar Advertising
Lamar Advertising Co engages in advertising services. The firm rent advertising space on billboards, buses, shelters, benches, logo plates, and in airport terminals. The company was founded in 1902 and is headquartered in Baton Rouge, LA.
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