Haverty Furniture Companies, Inc. (HVT) Raises Dividend to $0.15 Per Share
Haverty Furniture Companies, Inc. (NYSE:HVT) announced a quarterly dividend on Tuesday, August 8th, RTT News reports. Shareholders of record on Wednesday, August 23rd will be paid a dividend of 0.15 per share on Friday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.40%. This is a boost from Haverty Furniture Companies’s previous quarterly dividend of $0.12.
Haverty Furniture Companies has increased its dividend payment by an average of 22.4% per year over the last three years. Haverty Furniture Companies has a payout ratio of 40.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Haverty Furniture Companies to earn $1.33 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 36.1%.
Shares of Haverty Furniture Companies (NYSE HVT) traded down 0.20% during midday trading on Tuesday, hitting $25.05. 121,642 shares of the company’s stock were exchanged. Haverty Furniture Companies has a 1-year low of $16.57 and a 1-year high of $26.30. The stock’s 50 day moving average is $23.34 and its 200-day moving average is $23.53. The stock has a market cap of $530.48 million, a PE ratio of 17.68 and a beta of 1.11.
Haverty Furniture Companies (NYSE:HVT) last posted its earnings results on Monday, July 31st. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. Haverty Furniture Companies had a net margin of 3.67% and a return on equity of 10.58%. The business had revenue of $196.80 million for the quarter, compared to analysts’ expectations of $199.03 million. During the same period in the previous year, the company posted $0.24 earnings per share. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. Analysts predict that Haverty Furniture Companies will post $1.20 earnings per share for the current fiscal year.
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In related news, insider Richard Dewey Gallagher sold 1,963 shares of the company’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $25.47, for a total value of $49,997.61. Following the sale, the insider now directly owns 24,938 shares of the company’s stock, valued at $635,170.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rawson Haverty, Jr. sold 1,964 shares of the company’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $23.52, for a total transaction of $46,193.28. Following the completion of the sale, the insider now directly owns 400 shares in the company, valued at $9,408. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,727 shares of company stock worth $208,991. Corporate insiders own 10.31% of the company’s stock.
HVT has been the topic of a number of recent research reports. ValuEngine raised shares of Haverty Furniture Companies from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research raised shares of Haverty Furniture Companies from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Haverty Furniture Companies has an average rating of “Hold” and an average price target of $28.00.
About Haverty Furniture Companies
Haverty Furniture Companies, Inc is a retailer of residential furniture and accessories. The Company sells home furnishings in its retail stores and through its Website, havertys.com. As of December 31, 2016, the Company had 124 stores in 16 states in the Southern and Midwest regions. As of December 31, 2016, the Company’s retail store space totaled approximately 4.5 million square feet for 124 stores.
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