Meridian Wealth Management LLC Makes New $4.25 Million Investment in Lamar Advertising (NASDAQ:LAMR)

Meridian Wealth Management LLC bought a new position in shares of Lamar Advertising (NASDAQ:LAMR) during the third quarter, HoldingsChannel reports. The fund bought 31,814 shares of the real estate investment trust’s stock, valued at approximately $4,250,000.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. grew its position in Lamar Advertising by 444.1% in the 3rd quarter. Blue Trust Inc. now owns 185 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 151 shares during the last quarter. Whittier Trust Co. boosted its position in shares of Lamar Advertising by 144.4% during the 2nd quarter. Whittier Trust Co. now owns 220 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 130 shares in the last quarter. Concord Wealth Partners purchased a new stake in shares of Lamar Advertising during the 3rd quarter worth $26,000. MFA Wealth Advisors LLC purchased a new stake in shares of Lamar Advertising during the 2nd quarter worth $30,000. Finally, Assetmark Inc. boosted its position in shares of Lamar Advertising by 109.3% during the 3rd quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 117 shares in the last quarter. 93.78% of the stock is currently owned by hedge funds and other institutional investors.

Lamar Advertising Stock Up 0.6 %

Shares of NASDAQ:LAMR opened at $130.07 on Friday. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.56 and a current ratio of 0.56. Lamar Advertising has a 1 year low of $97.54 and a 1 year high of $139.88. The stock has a market capitalization of $13.31 billion, a P/E ratio of 25.85 and a beta of 1.52. The stock has a 50-day simple moving average of $132.39 and a 200-day simple moving average of $123.64.

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

Lamar Advertising Increases Dividend

The company also recently declared 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. This is a positive change from Lamar Advertising’s previous quarterly dividend of $1.30. This represents a $5.60 annualized dividend and a dividend yield of 4.31%. The ex-dividend date was Wednesday, September 18th. Lamar Advertising’s dividend payout ratio is currently 112.00%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Lamar Advertising from $117.00 to $121.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Wells Fargo & Company cut their price target on Lamar Advertising from $132.00 to $124.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. TD Cowen boosted their target price on shares of Lamar Advertising from $142.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, November 11th. StockNews.com downgraded shares of Lamar Advertising from a “buy” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Morgan Stanley boosted their target price on shares of Lamar Advertising from $125.00 to $135.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $132.40.

Lamar Advertising 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.