494,569 Shares in La-Z-Boy Incorporated $LZB Purchased by M&T Bank Corp

Key Points

• M&T Bank Corp opened a new position in La‑Z‑Boy by purchasing 494,569 shares worth about $18.43 million, representing roughly 1.20% ownership.
• La‑Z‑Boy beat Q4 expectations with EPS of $0.61 versus $0.59 estimated and reported revenue of $541.6 million (up 3.8% year‑over‑year), while analysts forecast full‑year EPS of about $2.61.
• The company declared a quarterly dividend of $0.242 per share (annualized $0.97), implying a roughly 2.7% yield and a dividend payout ratio near 48%.

M&T Bank Corp acquired a new position in shares of La-Z-Boy Incorporated (NYSE:LZB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 494,569 shares of the company's stock, valued at approximately $18,433,000. M&T Bank Corp owned 1.20% of La-Z-Boy as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its stake in La-Z-Boy by 75.2% during the third quarter. Smartleaf Asset Management LLC now owns 755 shares of the company's stock worth $26,000 after acquiring an additional 324 shares during the period. EverSource Wealth Advisors LLC increased its position in La-Z-Boy by 290.0% in the second quarter. EverSource Wealth Advisors LLC now owns 901 shares of the company's stock worth $33,000 after buying an additional 670 shares during the period. Geneos Wealth Management Inc. increased its position in La-Z-Boy by 99.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,140 shares of the company's stock worth $42,000 after buying an additional 567 shares during the period. CIBC Private Wealth Group LLC increased its position in La-Z-Boy by 3,130.8% in the third quarter. CIBC Private Wealth Group LLC now owns 1,260 shares of the company's stock worth $43,000 after buying an additional 1,221 shares during the period. Finally, MAI Capital Management increased its position in La-Z-Boy by 2,520.9% in the third quarter. MAI Capital Management now owns 2,385 shares of the company's stock worth $82,000 after buying an additional 2,294 shares during the period. Institutional investors and hedge funds own 99.62% of the company's stock.

Insider Activity at La-Z-Boy

In other news, SVP Michael Adam Leggett sold 2,200 shares of the firm's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $37.00, for a total transaction of $81,400.00. Following the transaction, the senior vice president directly owned 42,473 shares of the company's stock, valued at approximately $1,571,501. This trade represents a 4.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.66% of the company's stock.

La-Z-Boy Trading Down 0.3%

Shares of NYSE:LZB opened at $35.94 on Friday. The firm has a market capitalization of $1.47 billion, a P/E ratio of 17.79 and a beta of 1.28. La-Z-Boy Incorporated has a 52 week low of $29.03 and a 52 week high of $44.49. The firm's 50 day moving average is $34.22 and its two-hundred day moving average is $35.49.

La-Z-Boy (NYSE:LZB - Get Free Report) last issued its quarterly earnings results on Tuesday, February 17th. The company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.02. The company had revenue of $541.59 million for the quarter, compared to analyst estimates of $535.47 million. La-Z-Boy had a return on equity of 10.79% and a net margin of 3.93%.The company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company earned $0.68 earnings per share. Analysts predict that La-Z-Boy Incorporated will post 2.61 EPS for the current year.

La-Z-Boy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were issued a dividend of $0.242 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, March 3rd. La-Z-Boy's dividend payout ratio (DPR) is 48.02%.

Analyst Ratings Changes

Several equities research analysts have weighed in on LZB shares. 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 raised La-Z-Boy from a "hold" rating to a "buy" rating in a research report on Saturday, March 28th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $42.50.

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.

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