La-Z-Boy Incorporated (NYSE:LZB) announced a quarterly dividend on Wednesday, November 28th, RTT News reports. Shareholders of record on Monday, December 10th will be paid a dividend of 0.13 per share on Thursday, December 20th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date is Friday, December 7th. This is an increase from La-Z-Boy’s previous quarterly dividend of $0.12.
La-Z-Boy has raised its dividend payment by an average of 20.1% annually over the last three years. La-Z-Boy has a payout ratio of 25.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect La-Z-Boy to earn $2.30 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 22.6%.
Shares of NYSE:LZB opened at $27.68 on Thursday. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of 15.29 and a beta of 1.01. La-Z-Boy has a 1-year low of $27.33 and a 1-year high of $39.15.
In other news, insider John Douglas Collier sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $31.66, for a total transaction of $158,300.00. Following the completion of the transaction, the insider now owns 75,070 shares in the company, valued at $2,376,716.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.55% of the stock is currently owned by corporate insiders.
LZB has been the topic of a number of research reports. Zacks Investment Research cut shares of La-Z-Boy from a “hold” rating to a “sell” rating in a report on Thursday, October 25th. ValuEngine cut shares of La-Z-Boy from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, Stifel Nicolaus increased their target price on shares of La-Z-Boy from $33.00 to $35.00 and gave the stock a “hold” rating in a report on Thursday, August 23rd.
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 Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas.
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