PNC Financial Services Group Inc. Buys 589 Shares of La-Z-Boy Incorporated (NYSE:LZB)

PNC Financial Services Group Inc. raised its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 2.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 21,182 shares of the company’s stock after purchasing an additional 589 shares during the quarter. PNC Financial Services Group Inc.’s holdings in La-Z-Boy were worth $684,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Allworth Financial LP bought a new stake in La-Z-Boy in the third quarter valued at about $40,000. O Shaughnessy Asset Management LLC increased its stake in La-Z-Boy by 36.1% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,447 shares of the company’s stock valued at $54,000 after acquiring an additional 384 shares during the period. Heritage Wealth Management LLC increased its stake in La-Z-Boy by 60.4% in the second quarter. Heritage Wealth Management LLC now owns 2,375 shares of the company’s stock valued at $88,000 after acquiring an additional 894 shares during the period. Pinz Capital Management LP bought a new stake in La-Z-Boy in the second quarter valued at about $119,000. Finally, Profund Advisors LLC increased its stake in La-Z-Boy by 5.4% in the second quarter. Profund Advisors LLC now owns 5,658 shares of the company’s stock valued at $208,000 after acquiring an additional 288 shares during the period. Institutional investors own 92.85% of the company’s stock.

In other news, Director Kurt L. Darrow sold 5,260 shares of the company’s stock in a transaction that occurred on Monday, November 15th. The shares were sold at an average price of $38.00, for a total transaction of $199,880.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kurt L. Darrow sold 53,124 shares of the company’s stock in a transaction that occurred on Friday, November 5th. The stock was sold at an average price of $35.57, for a total transaction of $1,889,620.68. The disclosure for this sale can be found here. Insiders have sold 202,444 shares of company stock worth $7,230,892 over the last ninety days. Insiders own 4.01% of the company’s stock.

Separately, Zacks Investment Research raised shares of La-Z-Boy from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research note on Friday, November 19th.

Shares of La-Z-Boy stock opened at $35.62 on Friday. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 12.45 and a beta of 1.04. La-Z-Boy Incorporated has a 1-year low of $31.92 and a 1-year high of $46.74. The firm’s 50-day moving average price is $35.83 and its two-hundred day moving average price is $34.86.

La-Z-Boy (NYSE:LZB) last issued its quarterly earnings data on Tuesday, November 16th. The company reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.12. The firm had revenue of $576.00 million for the quarter, compared to analysts’ expectations of $540.04 million. La-Z-Boy had a net margin of 6.26% and a return on equity of 17.67%. The company’s quarterly revenue was up 25.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.82 earnings per share. As a group, equities analysts expect that La-Z-Boy Incorporated will post 3.76 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Thursday, December 2nd were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.85%. This is a boost from La-Z-Boy’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, December 1st. La-Z-Boy’s dividend payout ratio is currently 23.08%.

About La-Z-Boy

La-Z-Boy, Inc engages in the production of reclining chairs and manufacture and distribution of residential furniture. It operates through the following segments: Wholesale, Retail, and Corporate and Other. 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 casegoods (wood) furniture, such as occasional pieces, bedroom sets, dining room sets and entertainment centers.

Further Reading: Hold Rating

Institutional Ownership by Quarter for La-Z-Boy (NYSE:LZB)

Receive News & Ratings for La-Z-Boy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for La-Z-Boy and related companies with MarketBeat.com's FREE daily email newsletter.