La-Z-Boy Incorporated to Issue Quarterly Dividend of $0.12 (LZB)
La-Z-Boy Incorporated (NYSE:LZB) declared a quarterly dividend on Friday, February 23rd, RTT News reports. Shareholders of record on Tuesday, March 6th will be paid a dividend of 0.12 per share on Thursday, March 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Monday, March 5th.
La-Z-Boy has increased its dividend by an average of 20.1% annually over the last three years. La-Z-Boy has a dividend payout ratio of 27.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect La-Z-Boy to earn $2.19 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 21.9%.
La-Z-Boy (NYSE:LZB) opened at $30.55 on Friday. The company has a market cap of $1,437.93, a PE ratio of 17.66 and a beta of 0.84. La-Z-Boy has a one year low of $23.15 and a one year high of $34.25.
In related news, VP Louis M. Riccio, Jr. sold 65,910 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $31.72, for a total value of $2,090,665.20. Following the completion of the sale, the vice president now owns 95,342 shares of the company’s stock, valued at $3,024,248.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Otis S. Sawyer sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $31.51, for a total transaction of $378,120.00. Following the completion of the sale, the senior vice president now directly owns 60,238 shares of the company’s stock, valued at approximately $1,898,099.38. The disclosure for this sale can be found here. Insiders sold 81,910 shares of company stock valued at $2,595,625 in the last quarter. 3.17% of the stock is currently owned by corporate insiders.
LZB has been the subject of a number of research analyst reports. ValuEngine upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating in a research note on Thursday, November 30th. KeyCorp reiterated a “buy” rating and issued a $36.00 target price on shares of La-Z-Boy in a research note on Friday, November 10th. Zacks Investment Research upgraded shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday, January 31st. Finally, Stifel Nicolaus reiterated a “hold” rating on shares of La-Z-Boy in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. La-Z-Boy presently has a consensus rating of “Hold” and a consensus price target of $33.50.
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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.
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