BlackRock Inc. Invests $39.13 Million in Haverty Furniture Companies, Inc. $HVT

Key Points

• BlackRock purchased 1.53 million shares of Haverty Furniture Companies valued at approximately $39.13 million, giving it a 9.52% stake. Institutional investors collectively own 80.57% of the company.
• Haverty Furniture reported quarterly earnings of $0.25 per share, exceeding estimates of $0.23, while revenue of $194.94 million also topped expectations. Analysts expect full-year EPS of $1.62, though the overall analyst rating remains “Hold.”
• The company declared a quarterly dividend of $0.33 per share, equivalent to a 4.9% annualized yield, but its 97.06% payout ratio leaves limited earnings coverage. Shares recently traded at $27.12, below the 52-week high of $29.83.

BlackRock Inc. purchased a new position in shares of Haverty Furniture Companies, Inc. (NYSE:HVT - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,532,639 shares of the company's stock, valued at approximately $39,128,000. BlackRock Inc. owned approximately 9.52% of Haverty Furniture Companies at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Deutsche Bank AG purchased a new position in Haverty Furniture Companies during the second quarter worth approximately $345,000. Bank of New York Mellon Corp acquired a new position in shares of Haverty Furniture Companies during the 2nd quarter worth approximately $4,123,000. GSA Capital Partners LLP acquired a new position in shares of Haverty Furniture Companies during the 2nd quarter worth approximately $235,000. Bank of America Corp DE lifted its position in shares of Haverty Furniture Companies by 4.8% during the 1st quarter. Bank of America Corp DE now owns 26,230 shares of the company's stock valued at $556,000 after buying an additional 1,195 shares in the last quarter. Finally, Empowered Funds LLC increased its position in shares of Haverty Furniture Companies by 10.7% during the 1st quarter. Empowered Funds LLC now owns 117,502 shares of the company's stock worth $2,489,000 after purchasing an additional 11,318 shares during the last quarter. Hedge funds and other institutional investors own 80.57% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Zacks Research upgraded shares of Haverty Furniture Companies from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Weiss Ratings raised shares of Haverty Furniture Companies from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 18th. Finally, Wall Street Zen raised Haverty Furniture Companies from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of "Hold".

Haverty Furniture Companies Trading Down 0.6%

Shares of HVT stock opened at $27.12 on Wednesday. The company's fifty day simple moving average is $26.45 and its 200-day simple moving average is $24.03. Haverty Furniture Companies, Inc. has a 52 week low of $19.89 and a 52 week high of $29.83. The company has a market cap of $422.80 million, a PE ratio of 19.94, a P/E/G ratio of 1.40 and a beta of 1.22.

Haverty Furniture Companies (NYSE:HVT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.02. The business had revenue of $194.94 million during the quarter, compared to the consensus estimate of $189.19 million. Haverty Furniture Companies had a net margin of 2.93% and a return on equity of 7.15%. Equities research analysts expect that Haverty Furniture Companies, Inc. will post 1.62 EPS for the current fiscal year.

Haverty Furniture Companies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 25th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 4.9%. The ex-dividend date is Tuesday, August 25th. Haverty Furniture Companies's payout ratio is presently 97.06%.

Insider Transactions at Haverty Furniture Companies

In other news, Chairman Clarence H. Smith sold 20,991 shares of the business's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $28.16, for a total transaction of $591,106.56. Following the sale, the chairman owned 71,705 shares in the company, valued at $2,019,212.80. The trade was a 22.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.40% of the company's stock.

About Haverty Furniture Companies

Haverty Furniture Companies, Inc operates as a specialty retailer of residential furniture and home décor in the United States. Founded in 1885 by J.J. Haverty and headquartered in Atlanta, Georgia, the company offers a broad assortment of upholstered furniture, case goods, mattresses, area rugs and decorative accessories. Customers can shop through a network of company-owned showrooms as well as an e-commerce platform, supported by in-house design services, delivery options and consumer financing programs.

Over more than a century of operation, Havertys has expanded its presence primarily across the Southeast and select markets beyond.

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