Lamar Advertising Company Increases Dividend by 3.1%
On September 1, Lamar Advertising Company (NYSE: LAMR) raised its quarterly dividend by 3.1% to $1.65 per share, resulting in a forward yield of approximately 4.4%. This increase follows strong second-quarter performance where revenue rose 6.5% year-over-year and adjusted funds from operations increased by 8.1%. Lamar also revised its full-year AFFO outlook upward. Lamar Advertising operates as an outdoor advertising REIT with assets across the U.S. and Canada, including billboards, digital displays, transit ads, airport signage, and logo signs. The company's stock closed at $150.76 on September 7, up nearly 20% year-to-date. The dividend hike reflects improved cash flow metrics: adjusted EBITDA rose by 9%, free cash flow increased to $218.7 million, and AFFO per share climbed 8.1%. Lamar also acquired AdSource Outdoor Advertising's assets in August, adding over 230 billboard faces.
Tickers: $LAMR
Topics: dividends outdoor_advertising real_estate_investment_trust