Flexsteel Industries, Inc. (NASDAQ:FLXS) to Issue Quarterly Dividend of $0.25

Flexsteel Industries, Inc. (NASDAQ:FLXS) announced a quarterly dividend on Wednesday, June 10th. Investors of record on Wednesday, June 24th will be given a dividend of 0.25 per share on Monday, July 6th. This represents a c) dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Wednesday, June 24th. This is a 25.0% increase from Flexsteel Industries’s previous quarterly dividend of $0.20.

Flexsteel Industries has a payout ratio of 21.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Flexsteel Industries to earn $5.05 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 15.8%.

Flexsteel Industries Trading Up 0.3%

FLXS opened at $58.15 on Thursday. Flexsteel Industries has a 1-year low of $29.39 and a 1-year high of $60.97. The stock’s fifty day simple moving average is $52.84 and its 200 day simple moving average is $47.43. The stock has a market cap of $311.68 million, a PE ratio of 10.53, a price-to-earnings-growth ratio of 1.01 and a beta of 0.58.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings results on Monday, April 20th. The company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.39. Flexsteel Industries had a return on equity of 16.10% and a net margin of 6.79%.The business had revenue of $115.13 million for the quarter, compared to analysts’ expectations of $118.32 million. Equities analysts forecast that Flexsteel Industries will post 4.78 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC raised its stake in Flexsteel Industries by 12,689.5% during the 1st quarter. NewEdge Advisors LLC now owns 7,290 shares of the company’s stock worth $328,000 after buying an additional 7,233 shares during the period. Bank of America Corp DE grew its holdings in Flexsteel Industries by 462.3% during the first quarter. Bank of America Corp DE now owns 27,536 shares of the company’s stock valued at $1,237,000 after purchasing an additional 22,639 shares during the period. Empowered Funds LLC boosted its holdings in shares of Flexsteel Industries by 9.4% in the first quarter. Empowered Funds LLC now owns 30,758 shares of the company’s stock worth $1,382,000 after acquiring an additional 2,646 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of Flexsteel Industries by 3.2% in the first quarter. Lazard Asset Management LLC now owns 21,294 shares of the company’s stock worth $957,000 after acquiring an additional 666 shares during the period. Finally, Punch & Associates Investment Management Inc. raised its position in shares of Flexsteel Industries by 0.6% in the first quarter. Punch & Associates Investment Management Inc. now owns 91,525 shares of the company’s stock worth $4,113,000 after buying an additional 545 shares in the last quarter. 36.27% of the stock is owned by institutional investors and hedge funds.

About Flexsteel Industries

Flexsteel Industries, Inc (NASDAQ: FLXS) is a U.S.-based furniture manufacturer specializing in the design, production, and marketing of residential upholstered furniture and wood casegoods. The company operates through two primary segments: Upholstery, which encompasses seating products such as sofas, loveseats, chairs, recliners, and sectionals; and Casegoods, which includes accent and occasional tables, cabinets, bookcases, and other wood-based furnishings. Flexsteel sells its products through a network of independent retailers, furniture stores, and distributors across North America.

Flexsteel’s upholstery segment is distinguished by its patented Blue Steel Spring® technology, which offers enhanced longevity and comfort by replacing conventional webbing and springs with a welded steel seat suspension.