Bank of America Corp DE Cuts Stock Position in La-Z-Boy Incorporated (NYSE:LZB)

Bank of America Corp DE cut its holdings in shares of La-Z-Boy Incorporated (NYSE:LZB - Free Report) by 11.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 337,723 shares of the company's stock after selling 42,473 shares during the period. Bank of America Corp DE owned 0.81% of La-Z-Boy worth $14,715,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LZB. American Century Companies Inc. increased its position in La-Z-Boy by 3.0% during the 4th quarter. American Century Companies Inc. now owns 1,149,236 shares of the company's stock valued at $50,072,000 after purchasing an additional 33,416 shares during the period. William Blair Investment Management LLC boosted its stake in shares of La-Z-Boy by 2.5% during the 4th quarter. William Blair Investment Management LLC now owns 999,523 shares of the company's stock valued at $43,549,000 after purchasing an additional 24,125 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its position in shares of La-Z-Boy by 2.5% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 960,023 shares of the company's stock valued at $41,828,000 after buying an additional 23,329 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of La-Z-Boy by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 801,140 shares of the company's stock valued at $34,906,000 after buying an additional 22,168 shares during the period. Finally, Northern Trust Corp raised its stake in La-Z-Boy by 10.7% in the fourth quarter. Northern Trust Corp now owns 487,839 shares of the company's stock worth $21,255,000 after buying an additional 46,975 shares in the last quarter. Institutional investors own 99.62% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, KeyCorp raised La-Z-Boy from a "sector weight" rating to an "overweight" rating and set a $46.00 price objective on the stock in a research report on Friday, April 25th.

La-Z-Boy Stock Up 2.9%

Shares of LZB stock traded up $1.23 during mid-day trading on Tuesday, reaching $43.21. 360,561 shares of the company's stock traded hands, compared to its average volume of 486,795. The company's 50-day moving average price is $40.00 and its 200-day moving average price is $42.60. The company has a market cap of $1.78 billion, a P/E ratio of 14.85 and a beta of 1.33. La-Z-Boy Incorporated has a 12 month low of $33.34 and a 12 month high of $48.31.

La-Z-Boy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Tuesday, June 3rd will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Tuesday, June 3rd. La-Z-Boy's payout ratio is currently 30.24%.

About La-Z-Boy

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.