Hooker Furnishings Co. (NASDAQ:HOFT) Declares Quarterly Dividend of $0.23

Hooker Furnishings Co. (NASDAQ:HOFT) announced a quarterly dividend on Wednesday, June 4th, RTT News reports. Stockholders of record on Monday, June 16th will be paid a dividend of 0.23 per share on Monday, June 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 8.55%.

Hooker Furnishings has raised its dividend payment by an average of 7.5% annually over the last three years and has raised its dividend annually for the last 9 consecutive years. Hooker Furnishings has a dividend payout ratio of 68.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Hooker Furnishings to earn $1.10 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 83.6%.

Hooker Furnishings Stock Performance

Shares of HOFT stock opened at $10.76 on Thursday. The company has a current ratio of 3.16, a quick ratio of 1.76 and a debt-to-equity ratio of 0.10. The firm has a fifty day moving average price of $9.23 and a 200 day moving average price of $12.39. The company has a market cap of $115.16 million, a P/E ratio of -11.82, a PEG ratio of 0.85 and a beta of 1.40. Hooker Furnishings has a 12 month low of $7.34 and a 12 month high of $19.79.

Hooker Furnishings (NASDAQ:HOFT) last announced its quarterly earnings results on Thursday, April 17th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.15). The business had revenue of $104.46 million for the quarter, compared to analysts’ expectations of $101.25 million. Hooker Furnishings had a negative return on equity of 3.51% and a negative net margin of 2.46%. During the same period last year, the firm earned $0.06 earnings per share. Sell-side analysts predict that Hooker Furnishings will post -0.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hooker Furnishings

Large investors have recently modified their holdings of the company. Jane Street Group LLC purchased a new stake in Hooker Furnishings in the 1st quarter valued at $146,000. Strs Ohio purchased a new position in Hooker Furnishings during the 1st quarter worth $124,000. Finally, Empowered Funds LLC increased its stake in Hooker Furnishings by 7.2% in the first quarter. Empowered Funds LLC now owns 55,319 shares of the company’s stock valued at $555,000 after purchasing an additional 3,696 shares during the period. 73.63% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Hooker Furnishings from a “hold” rating to a “sell” rating in a report on Sunday, April 20th.

About Hooker Furnishings

Hooker Furnishings Corporation designs, manufactures, imports, and markets residential household, hospitality, and contract furniture. It operates in three segments: Hooker Branded, Home Meridian, and Domestic Upholstery. The Hooker Branded segment offers design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand; and imported upholstered furniture under the Hooker Upholstery brand.