Victory Capital Management Inc. Acquires 20,900 Shares of La-Z-Boy Incorporated (NYSE:LZB)

Victory Capital Management Inc. grew its stake in La-Z-Boy Incorporated (NYSE:LZB) by 85.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,267 shares of the company’s stock after purchasing an additional 20,900 shares during the period. Victory Capital Management Inc.’s holdings in La-Z-Boy were worth $1,943,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Assetmark Inc. bought a new stake in La-Z-Boy in the third quarter valued at $30,000. Quarry LP boosted its stake in shares of La-Z-Boy by 2,550.0% in the 2nd quarter. Quarry LP now owns 1,378 shares of the company’s stock valued at $51,000 after purchasing an additional 1,326 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of La-Z-Boy in the 2nd quarter worth about $63,000. Innealta Capital LLC acquired a new stake in shares of La-Z-Boy during the 2nd quarter worth about $69,000. Finally, Quest Partners LLC bought a new position in La-Z-Boy during the 2nd quarter valued at about $91,000. 99.62% of the stock is owned by institutional investors and hedge funds.

La-Z-Boy Price Performance

Shares of LZB stock opened at $43.69 on Monday. The stock has a 50-day moving average of $41.27 and a 200-day moving average of $39.73. La-Z-Boy Incorporated has a one year low of $30.76 and a one year high of $45.23. The stock has a market cap of $1.81 billion, a PE ratio of 15.12 and a beta of 1.29.

La-Z-Boy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.22 per share. 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. This represents a $0.88 annualized dividend and a yield of 2.01%. La-Z-Boy’s payout ratio is currently 27.68%.

Insider Activity at La-Z-Boy

In related news, Director Janet Kerr sold 3,890 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.89, for a total transaction of $159,062.10. Following the transaction, the director now directly owns 3,372 shares of the company’s stock, valued at approximately $137,881.08. The trade was a 53.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

La-Z-Boy Profile

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.