Lamar Advertising Co. Insider Holdings Hold Steady as Share Price Stays Flat, Signaling Confidence in Digital Expansion Plan

Insider Confidence Amid a Flat‑Price Landscape Reilly Ross Lamar, the EVP and President of Lamar’s Outdoor Division, has reported no change in his direct holdings as of January 1, 2026. Despite a price of $128.57—unchanged from the previous day—the filing confirms that his stake in Class A shares remains at 11,663 and that his indirect positions in Class B shares total 2,562,250. This stability, coupled with fully vested options, signals that the executive’s long‑term outlook is unchanged.

A Quiet Period in the Broader Insider Market Company‑wide insider activity during the past year has been modest. The most recent trade was a $0‑price purchase of 22,000 Class A shares by CFO Jay LeCoryelle on August 19, 2025, indicating a willingness to invest when valuations appear attractive. Other transactions are largely small‑volume trades of common or LTIP units, suggesting routine portfolio adjustments rather than strategic shifts. The absence of large sell orders from key insiders, including Lamar himself, implies a lack of distress or impending divestiture.

Implications for Investors For equity holders, the combination of a flat share price, a high market cap of $13 billion, and a 52‑week high of $134.63 suggests that Lamar is operating near peak valuation, yet its 1.6% monthly gain and 1.71% yearly rise reflect resilience in a competitive out‑of‑home market. Insider neutrality—no significant buying or selling pressure—reduces short‑term volatility risks. However, the lack of new insider purchases could also be interpreted as a plateau in confidence, prompting investors to monitor earnings reports and digital expansion initiatives for future upside.

Looking Ahead: Digital and Operational Growth Lamar’s assets—over 362,000 traditional and 5,400 digital billboards—position it well to capture the shift toward programmatic out‑of‑home advertising. Management’s continued focus on digital inventory, coupled with strategic acquisitions, may unlock incremental revenue streams. Investors should watch for quarterly guidance on digital penetration rates and any large‑scale capital expenditures, as these factors will likely be the main drivers of share price appreciation in the coming quarters.