La-Z-Boy Incorporated (NYSE:LZB) to Issue Quarterly Dividend of $0.20

La-Z-Boy Incorporated (NYSE:LZB) announced a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Shareholders of record on Tuesday, June 4th will be given a dividend of 0.20 per share on Friday, June 14th. This represents a $0.80 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend is Tuesday, June 4th.

La-Z-Boy has increased its dividend by an average of 28.6% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. La-Z-Boy has a payout ratio of 24.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect La-Z-Boy to earn $2.80 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 28.6%.

La-Z-Boy Price Performance

Shares of LZB stock traded up $0.27 during trading hours on Thursday, reaching $32.98. 467,690 shares of the company were exchanged, compared to its average volume of 383,453. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 12.07 and a beta of 1.19. The stock’s fifty day moving average is $35.66 and its two-hundred day moving average is $34.71. La-Z-Boy has a fifty-two week low of $25.12 and a fifty-two week high of $39.87.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings results on Wednesday, February 21st. The company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.08). The firm had revenue of $500.40 million for the quarter, compared to analyst estimates of $523.09 million. La-Z-Boy had a net margin of 5.73% and a return on equity of 13.55%. The company’s revenue was down 12.6% compared to the same quarter last year. During the same period last year, the company earned $0.91 EPS. On average, research analysts anticipate that La-Z-Boy will post 2.72 earnings per share for the current year.

Analyst Ratings Changes

Separately, StockNews.com cut shares of La-Z-Boy from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th.

Insiders Place Their Bets

In other news, SVP Michael Adam Leggett sold 3,077 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $37.08, for a total value of $114,095.16. Following the transaction, the senior vice president now directly owns 21,519 shares in the company, valued at approximately $797,924.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.70% of the company’s stock.

About La-Z-Boy

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.