Hooker Furnishings Co. (NASDAQ:HOFT) to Issue Quarterly Dividend of $0.23

Hooker Furnishings Co. (NASDAQ:HOFT) announced a quarterly dividend on Wednesday, March 5th, RTT News reports. Investors of record on Monday, March 17th will be given a dividend of 0.23 per share on Monday, March 31st. This represents a $0.92 annualized dividend and a yield of 7.52%.

Hooker Furnishings has raised its dividend payment by an average of 7.5% per year over the last three years. Hooker Furnishings has a dividend payout ratio of 55.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Hooker Furnishings to earn $1.10 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 83.6%.

Hooker Furnishings Price Performance

NASDAQ:HOFT traded up $0.01 during trading hours on Wednesday, hitting $12.24. 51,612 shares of the stock traded hands, compared to its average volume of 35,640. The stock has a 50 day moving average price of $13.19 and a 200 day moving average price of $15.55. The company has a quick ratio of 1.76, a current ratio of 3.16 and a debt-to-equity ratio of 0.10. The company has a market cap of $131.09 million, a price-to-earnings ratio of -13.45, a price-to-earnings-growth ratio of 0.85 and a beta of 1.25. Hooker Furnishings has a 1 year low of $12.06 and a 1 year high of $24.18.

Hooker Furnishings (NASDAQ:HOFT) last issued its earnings results on Thursday, December 5th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.22). Hooker Furnishings had a negative return on equity of 3.51% and a negative net margin of 2.46%. Sell-side analysts forecast that Hooker Furnishings will post -0.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Hooker Furnishings from a “hold” rating to a “sell” rating in a research note on Friday, February 28th.

Insider Activity

In related news, Director Paulette Garafalo sold 2,489 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $17.10, for a total value of $42,561.90. Following the sale, the director now directly owns 20,783 shares in the company, valued at approximately $355,389.30. The trade was a 10.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.70% of the company’s stock.

About Hooker Furnishings

Hooker Furnishings Corporation designs, manufactures, imports, and markets residential household, hospitality, and contract furniture. It operates in three segments: Hooker Branded, Home Meridian, and Domestic Upholstery. The Hooker Branded segment offers design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand; and imported upholstered furniture under the Hooker Upholstery brand.