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

Lamar Advertising (NASDAQ:LAMR) released its quarterly earnings data on Friday. 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), Zacks reports. The firm 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 23.34% and a return on equity of 42.18%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $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 Price Performance

Shares of LAMR stock traded up $1.46 during trading hours on Monday, hitting $130.04. 673,874 shares of the company’s stock were exchanged, compared to its average volume of 405,563. The stock’s 50-day moving average is $131.75 and its 200-day moving average is $122.96. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.41 and a quick ratio of 0.41. The stock has a market cap of $13.30 billion, a price-to-earnings ratio of 26.10 and a beta of 1.52. Lamar Advertising has a 52 week low of $91.20 and a 52 week high of $139.88.

Lamar Advertising Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Wednesday, September 18th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 4.31%. The ex-dividend date of this dividend was Wednesday, September 18th. This is a boost from Lamar Advertising’s previous quarterly dividend of $1.30. Lamar Advertising’s dividend payout ratio is presently 112.00%.

Analyst Ratings Changes

A number of analysts have weighed in on LAMR shares. JPMorgan Chase & Co. upped 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. StockNews.com upgraded Lamar Advertising from a “hold” rating to a “buy” rating in a research report on Friday, October 18th. TD Cowen upped their price target on Lamar Advertising from $142.00 to $160.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company lowered their price target on Lamar Advertising from $132.00 to $124.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Morgan Stanley upped their price target on Lamar Advertising from $125.00 to $135.00 and gave the company an “equal weight” rating in a research report on Monday. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.