Lamar Advertising (NASDAQ:LAMR) Issues Quarterly Earnings Results, Misses Expectations By $0.73 EPS

Lamar Advertising (NASDAQ:LAMR) posted its earnings results on Friday. The real estate investment trust reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.73), Zacks reports. The business had revenue of $564.10 million for the quarter, compared to analyst estimates of $568.91 million. Lamar Advertising had a net margin of 23.34% and a return on equity of 42.18%. Lamar Advertising’s revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the business earned $2.04 earnings per share. Lamar Advertising updated its FY 2024 guidance to 4.970-4.990 EPS and its FY24 guidance to $7.85-7.95 EPS.

Lamar Advertising Trading Up 1.1 %

Shares of LAMR stock traded up $1.46 on Monday, hitting $130.04. The stock had a trading volume of 673,874 shares, compared to its average volume of 405,563. The company’s 50 day moving average price is $131.75 and its 200-day moving average price is $122.96. Lamar Advertising has a 1 year low of $91.20 and a 1 year high of $139.88. The firm has a market capitalization of $13.30 billion, a P/E ratio of 26.10 and a beta of 1.52. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.41 and a quick ratio of 0.41.

Lamar Advertising Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Wednesday, September 18th were given a dividend of $1.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 4.31%. This is a boost from Lamar Advertising’s previous quarterly dividend of $1.30. Lamar Advertising’s dividend payout ratio (DPR) is presently 112.00%.

Analyst Ratings Changes

LAMR has been the subject of several research reports. StockNews.com upgraded Lamar Advertising from a “hold” rating to a “buy” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on shares of Lamar Advertising from $117.00 to $121.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Morgan Stanley boosted their target price on Lamar Advertising from $125.00 to $135.00 and gave the stock an “equal weight” rating in a report on Monday. Wells Fargo & Company lowered their price target on shares of Lamar Advertising from $132.00 to $124.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, TD Cowen raised their price objective on shares of Lamar Advertising from $142.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $132.40.

Lamar Advertising Company Profile

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.