La-Z-Boy Incorporated (LZB) to Issue Quarterly Dividend of $0.22 on December 16th

La-Z-Boy Incorporated (NYSE:LZB) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Stockholders of record on Thursday, December 5th will be paid a dividend of 0.22 per share on Monday, December 16th. This represents a $0.88 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, December 5th. This is a positive change from La-Z-Boy’s previous quarterly dividend of $0.20.

La-Z-Boy has increased its dividend payment by an average of 28.6% annually over the last three years. La-Z-Boy has a dividend payout ratio of 26.0% indicating that its dividend is sufficiently covered by earnings. 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 Stock Up 1.0 %

Shares of LZB opened at $45.74 on Tuesday. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 15.83 and a beta of 1.34. La-Z-Boy has a 52-week low of $32.00 and a 52-week high of $46.35. The stock has a 50 day moving average price of $41.54 and a 200 day moving average price of $40.17.

Analyst Upgrades and Downgrades

Separately, Sidoti cut shares of La-Z-Boy from a “buy” rating to a “neutral” rating and set a $43.00 target price for the company. in a report on Wednesday, August 21st.

Insider Transactions at La-Z-Boy

In other news, Director Janet Kerr sold 3,890 shares of La-Z-Boy stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.89, for a total value of $159,062.10. Following the transaction, the director now directly owns 3,372 shares of the company’s stock, valued at $137,881.08. The trade was a 53.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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.