Vest Financial LLC Sells 22,822 Shares of La-Z-Boy Incorporated $LZB

Vest Financial LLC decreased its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 26.3% during the fourth quarter, HoldingsChannel reports. The firm owned 64,113 shares of the company’s stock after selling 22,822 shares during the quarter. Vest Financial LLC’s holdings in La-Z-Boy were worth $2,389,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of La-Z-Boy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 4,814,114 shares of the company’s stock valued at $179,422,000 after purchasing an additional 38,513 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of La-Z-Boy by 208.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,492,928 shares of the company’s stock valued at $51,237,000 after purchasing an additional 1,009,428 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of La-Z-Boy by 7.2% during the 3rd quarter. American Century Companies Inc. now owns 1,434,642 shares of the company’s stock valued at $49,237,000 after purchasing an additional 95,737 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of La-Z-Boy by 7.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,391,236 shares of the company’s stock valued at $47,747,000 after purchasing an additional 100,416 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of La-Z-Boy by 2.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 736,270 shares of the company’s stock valued at $27,463,000 after purchasing an additional 15,241 shares in the last quarter. Institutional investors own 99.62% of the company’s stock.

La-Z-Boy Price Performance

NYSE:LZB opened at $35.25 on Thursday. La-Z-Boy Incorporated has a one year low of $29.03 and a one year high of $44.49. The company’s 50-day simple moving average is $34.07 and its 200 day simple moving average is $35.59. The firm has a market capitalization of $1.44 billion, a P/E ratio of 17.45 and a beta of 1.28.

La-Z-Boy (NYSE:LZB) last posted its quarterly earnings data on Tuesday, February 17th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.59 by $0.02. La-Z-Boy had a net margin of 3.93% and a return on equity of 10.79%. The business had revenue of $541.59 million for the quarter, compared to analyst estimates of $535.47 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. La-Z-Boy’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities research analysts expect that La-Z-Boy Incorporated will post 2.61 earnings per share for the current fiscal year.

La-Z-Boy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be issued a $0.242 dividend. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.97 annualized dividend and a yield of 2.7%. La-Z-Boy’s payout ratio is 48.02%.

Wall Street Analysts Forecast Growth

LZB has been the topic of several research reports. Zacks Research lowered La-Z-Boy from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Wall Street Zen upgraded La-Z-Boy from a “hold” rating to a “buy” rating in a research report on Saturday, March 28th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Insider Transactions at La-Z-Boy

In other La-Z-Boy news, SVP Michael Adam Leggett sold 2,200 shares of La-Z-Boy stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $37.00, for a total value of $81,400.00. Following the completion of the transaction, the senior vice president directly owned 42,473 shares of the company’s stock, valued at approximately $1,571,501. The trade was a 4.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.66% of the company’s stock.

About La-Z-Boy

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.