Is Lamar Advertising's 7.7% Dividend Increase Sustainable?

Lamar Advertising Company (LAMR) recently announced a 7.7% sequential hike in its quarterly cash dividend. The company will now pay a dividend of $1.40 per share, up from the$1.30 paid out earlier. Moreover, subject to the board of directors' nod, Lamar expects that its quarterly distributions to stockholders in 2024 will aggregate to at least $5.40. Based on the increased rate, the annualized yield comes at 4.6$122.63 on Aug. 28. The increased dividend will be paid ...