La-Z-Boy Incorporated (NYSE:LZB) Plans Dividend Increase – $0.22 Per Share

La-Z-Boy Incorporated (NYSE:LZB) declared a quarterly dividend on Tuesday, November 19th,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 dividend yield of 2.06%. The ex-dividend date is Thursday, December 5th. This is a positive change from La-Z-Boy’s previous quarterly dividend of $0.20.

La-Z-Boy has increased its dividend by an average of 28.6% per year over the last three years. La-Z-Boy has a payout ratio of 23.7% meaning its dividend is sufficiently covered by earnings. Research 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 Trading Up 1.1 %

LZB traded up $0.46 during midday trading on Wednesday, hitting $42.77. The company’s stock had a trading volume of 985,895 shares, compared to its average volume of 443,399. The firm has a market cap of $1.79 billion, a P/E ratio of 15.04 and a beta of 1.29. La-Z-Boy has a 52-week low of $30.76 and a 52-week high of $45.23. The firm has a 50-day moving average price of $41.12 and a two-hundred day moving average price of $39.57.

La-Z-Boy (NYSE:LZB) last issued its 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. The firm had revenue of $495.50 million for the quarter, compared to analysts’ expectations of $482.23 million. La-Z-Boy had a return on equity of 12.90% and a net margin of 5.89%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.62 earnings per share. On average, equities analysts expect that La-Z-Boy will post 2.98 EPS for the current year.

Analyst Ratings Changes

Separately, Sidoti downgraded La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price target for the company. in a report on Wednesday, August 21st.

Insider Buying and Selling at La-Z-Boy

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

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.