M&T Bank Corp acquired a new stake in shares of La-Z-Boy Incorporated (NYSE:LZB – Free Report) during the fourth quarter, Holdings Channel reports. The firm acquired 494,569 shares of the company’s stock, valued at approximately $18,433,000.
A number of other hedge funds have also made changes to their positions in LZB. Royal Bank of Canada increased its stake in shares of La-Z-Boy by 11.1% during the first quarter. Royal Bank of Canada now owns 16,056 shares of the company’s stock valued at $628,000 after acquiring an additional 1,598 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in La-Z-Boy by 3.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,836 shares of the company’s stock worth $971,000 after acquiring an additional 769 shares during the period. Norges Bank acquired a new position in La-Z-Boy during the second quarter worth about $404,000. Arrowstreet Capital Limited Partnership acquired a new position in La-Z-Boy during the second quarter worth about $736,000. Finally, EverSource Wealth Advisors LLC grew its holdings in La-Z-Boy by 290.0% during the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company’s stock worth $33,000 after acquiring an additional 670 shares during the period. Institutional investors and hedge funds own 99.62% of the company’s stock.
Insiders Place Their Bets
In related news, SVP Michael Adam Leggett sold 2,200 shares of La-Z-Boy stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $37.00, for a total value of $81,400.00. Following the transaction, the senior vice president owned 42,473 shares of the company’s stock, valued at approximately $1,571,501. This trade represents a 4.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.66% of the company’s stock.
La-Z-Boy Stock Performance
La-Z-Boy (NYSE:LZB – Get Free Report) last posted its quarterly earnings results on Tuesday, February 17th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.02. The firm had revenue of $541.59 million for the quarter, compared to analyst estimates of $535.47 million. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.68 earnings per share. As a group, equities analysts predict that La-Z-Boy Incorporated will post 2.61 EPS for the current fiscal year.
La-Z-Boy Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were paid a $0.242 dividend. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 2.7%. La-Z-Boy’s dividend payout ratio (DPR) is currently 48.02%.
Analyst Ratings Changes
A number of research firms recently issued reports on LZB. Wall Street Zen raised La-Z-Boy from a “hold” rating to a “buy” rating in a report on Saturday, March 28th. Zacks Research lowered La-Z-Boy from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.50.
Get Our Latest Stock Analysis on La-Z-Boy
La-Z-Boy Profile
La-Z-Boy Incorporated (NYSE: LZB) is a leading U.S. manufacturer and marketer of residential furniture, best known for its upholstered recliners, sofas, stationary chairs and sleeper sofas. The company offers a broad range of products in both fabric and leather, complemented by occasional tables, desks, lamps and other home furnishings through its branded retail network.
Founded in 1927 by cousins Edward Knabusch and Edwin Shoemaker in Monroe, Michigan, La-Z-Boy pioneered the modern reclining chair.
See Also
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