La-Z-Boy Incorporated (NYSE:LZB) Raises Dividend to $0.22 Per Share

La-Z-Boy Incorporated (NYSE:LZB) declared a quarterly dividend on Wednesday, November 20th,Wall Street Journal reports. Shareholders of record on Thursday, December 5th will be paid a dividend of 0.22 per share on Monday, December 16th. This represents a $0.88 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Thursday, December 5th. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.20.

La-Z-Boy has increased its dividend payment by an average of 28.6% annually over the last three years. La-Z-Boy has a dividend payout ratio of 23.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect La-Z-Boy to earn $3.30 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 24.2%.

La-Z-Boy Price Performance

NYSE:LZB traded up $0.26 during mid-day trading on Wednesday, reaching $42.57. The stock had a trading volume of 633,776 shares, compared to its average volume of 441,834. The stock has a market cap of $1.78 billion, a P/E ratio of 15.04 and a beta of 1.29. The business’s 50 day moving average is $41.12 and its 200 day moving average is $39.57. La-Z-Boy has a fifty-two week low of $30.76 and a fifty-two week high of $45.23.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings results on Tuesday, August 20th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. La-Z-Boy had a net margin of 5.89% and a return on equity of 12.90%. The business had revenue of $495.50 million for the quarter, compared to the consensus estimate of $482.23 million. During the same quarter last year, the firm earned $0.62 EPS. La-Z-Boy’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities analysts expect that La-Z-Boy will post 2.98 EPS for the current year.

Insider Activity

In other La-Z-Boy news, CAO Jennifer Lynn Mccurry sold 4,414 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $41.31, for a total value of $182,342.34. Following the sale, the chief accounting officer now directly owns 13,236 shares in the company, valued at approximately $546,779.16. This trade represents a 25.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Janet Kerr sold 3,890 shares of La-Z-Boy stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $40.89, for a total value of $159,062.10. Following the transaction, the director now owns 3,372 shares in the company, valued at approximately $137,881.08. This represents a 53.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Sidoti lowered La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research note on Wednesday, August 21st.

La-Z-Boy Company Profile

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. It operates through Wholesale, Retail, Corporate and Other segments. The Wholesale segment manufactures, and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas; and imports, distributes, and retails casegoods (wood) furniture, including occasional pieces, bedroom sets, dining room sets, entertainment centers, and occasional pieces.