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

La-Z-Boy Incorporated (NYSE:LZB) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Shareholders of record on Thursday, December 5th will be given a dividend of 0.22 per share on Monday, December 16th. This represents a $0.88 annualized dividend and a yield of 1.92%. The ex-dividend date is Thursday, December 5th. This is an increase 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 dividend payout ratio of 26.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect La-Z-Boy to earn $3.35 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 26.3%.

La-Z-Boy Trading Up 1.0 %

Shares of LZB stock opened at $45.74 on Tuesday. La-Z-Boy has a twelve month low of $32.00 and a twelve month high of $46.35. The business’s 50 day moving average is $41.54 and its two-hundred day moving average is $40.17. The company has a market capitalization of $1.90 billion, a P/E ratio of 15.83 and a beta of 1.34.

Insider Buying and Selling

In related news, Director Janet Kerr sold 3,890 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $40.89, for a total transaction of $159,062.10. Following the transaction, the director now owns 3,372 shares of the company’s stock, valued at $137,881.08. This represents a 53.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Sidoti cut shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research note on Wednesday, August 21st.

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.