La-Z-Boy Incorporated (LZB) to Issue Quarterly Dividend of $0.24 on September 15th

La-Z-Boy Incorporated (NYSE:LZB) declared a quarterly dividend on Tuesday, August 18th. Investors of record on Thursday, September 3rd will be paid a dividend of 0.242 per share on Tuesday, September 15th. This represents a c) dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Thursday, September 3rd.

La-Z-Boy has increased its dividend payment by an average of 0.2%per year over the last three years and has increased its dividend annually for the last 4 consecutive years. La-Z-Boy has a payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect La-Z-Boy to earn $3.01 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 31.9%.

La-Z-Boy Stock Down 3.0%

Shares of LZB stock opened at $31.58 on Tuesday. The firm has a 50 day moving average of $38.94 and a two-hundred day moving average of $36.59. The stock has a market capitalization of $1.26 billion, a PE ratio of 16.03, a P/E/G ratio of 1.10 and a beta of 1.27. La-Z-Boy has a 52 week low of $29.03 and a 52 week high of $44.90.

La-Z-Boy (NYSE:LZB) last announced its quarterly earnings data on Tuesday, August 18th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). La-Z-Boy had a net margin of 3.86% and a return on equity of 11.79%. The company had revenue of $475.69 million during the quarter, compared to analyst estimates of $501.44 million. During the same quarter in the previous year, the business posted $0.47 earnings per share. The firm’s revenue was down 3.4% on a year-over-year basis. Analysts expect that La-Z-Boy will post 2.7 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Terrence James Linz sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $40.23, for a total value of $100,575.00. Following the completion of the transaction, the insider directly owned 64,383 shares of the company’s stock, valued at $2,590,128.09. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Melinda D. Whittington sold 26,639 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $40.24, for a total value of $1,071,953.36. Following the completion of the transaction, the chief executive officer directly owned 316,038 shares of the company’s stock, valued at $12,717,369.12. This trade represents a 7.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 66,299 shares of company stock worth $2,677,491. 3.12% of the stock is currently owned by company insiders.

Institutional Trading of La-Z-Boy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its holdings in shares of La-Z-Boy by 172.8% in the 2nd quarter. Versant Capital Management Inc now owns 652 shares of the company’s stock valued at $26,000 after buying an additional 413 shares in the last quarter. Quarry LP raised its stake in La-Z-Boy by 4,785.7% during the 4th quarter. Quarry LP now owns 684 shares of the company’s stock worth $25,000 after acquiring an additional 670 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in La-Z-Boy in the second quarter valued at $28,000. EverSource Wealth Advisors LLC lifted its position in La-Z-Boy by 290.0% in the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock valued at $33,000 after acquiring an additional 670 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in La-Z-Boy by 99.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company’s stock valued at $42,000 after acquiring an additional 567 shares in the last quarter. Institutional investors and hedge funds own 99.62% of the company’s stock.

La-Z-Boy Company Profile

La-Z-Boy Incorporated (NYSE: LZB) is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.

Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.