La-Z-Boy Incorporated (NYSE:LZB) announced a quarterly dividend on Tuesday, August 29th, RTT News reports. Investors of record on Friday, September 8th will be given a dividend of 0.11 per share on Friday, September 15th. This represents a $0.44 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, September 7th.

La-Z-Boy has raised its dividend by an average of 19.9% per year over the last three years. La-Z-Boy has a payout ratio of 25.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect La-Z-Boy to earn $1.90 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 23.2%.

Shares of La-Z-Boy (LZB) opened at 24.40 on Friday. The company has a 50-day moving average price of $30.53 and a 200-day moving average price of $28.79. The company has a market cap of $1.18 billion, a P/E ratio of 14.41 and a beta of 0.90. La-Z-Boy has a 52-week low of $22.09 and a 52-week high of $34.10.

La-Z-Boy (NYSE:LZB) last released its quarterly earnings results on Tuesday, August 22nd. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.29 by $0.05. The firm had revenue of $357.10 million for the quarter, compared to analysts’ expectations of $359.34 million. La-Z-Boy had a net margin of 5.45% and a return on equity of 14.18%. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.28 EPS. On average, equities analysts predict that La-Z-Boy will post $1.73 EPS for the current year.

La-Z-Boy announced that its board has initiated a stock repurchase plan on Tuesday, June 20th that authorizes the company to repurchase 6,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Several research firms have recently issued reports on LZB. BidaskClub lowered La-Z-Boy from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Zacks Investment Research lowered La-Z-Boy from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. Stifel Nicolaus lowered their price objective on La-Z-Boy from $30.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 24th. Finally, Sidoti lowered La-Z-Boy from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research note on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.75.

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In related news, Chairman Kurt L. Darrow sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $31.52, for a total transaction of $3,152,000.00. Following the completion of the sale, the chairman now directly owns 531,773 shares of the company’s stock, valued at approximately $16,761,484.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Louis M. Riccio, Jr. sold 37,504 shares of the firm’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $32.35, for a total value of $1,213,254.40. Following the sale, the vice president now directly owns 123,354 shares of the company’s stock, valued at $3,990,501.90. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by company insiders.

About La-Z-Boy

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company’s segments include the Upholstery segment, the Casegoods segment and the Retail segment.

Dividend History for La-Z-Boy (NYSE:LZB)

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