Flexsteel Industries, Inc. (NASDAQ:FLXS) Declares Dividend Increase - $0.20 Per Share

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) announced a quarterly dividend on Wednesday, June 11th, Wall Street Journal reports. Stockholders of record on Wednesday, June 25th will be paid a dividend of 0.20 per share on Monday, July 7th. This represents a $0.80 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Wednesday, June 25th. This is a 17.6% increase from Flexsteel Industries's previous quarterly dividend of $0.17.

Flexsteel Industries has a payout ratio of 18.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Flexsteel Industries to earn $4.04 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 16.8%.

Flexsteel Industries Price Performance

Shares of Flexsteel Industries stock traded down $1.26 during trading on Friday, hitting $29.41. The stock had a trading volume of 14,420 shares, compared to its average volume of 29,253. The firm has a market cap of $155.08 million, a P/E ratio of 8.22, a PEG ratio of 1.14 and a beta of 0.36. The business has a fifty day moving average of $32.24 and a two-hundred day moving average of $43.50. Flexsteel Industries has a fifty-two week low of $28.81 and a fifty-two week high of $65.87.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last announced its quarterly earnings data on Monday, April 21st. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.25. Flexsteel Industries had a return on equity of 11.25% and a net margin of 4.63%. The business had revenue of $113.97 million during the quarter, compared to analyst estimates of $112.24 million. As a group, research analysts forecast that Flexsteel Industries will post 3.53 earnings per share for the current year.

Institutional Investors Weigh In On Flexsteel Industries

Several hedge funds have recently modified their holdings of the stock. Empowered Funds LLC lifted its holdings in shares of Flexsteel Industries by 7.0% during the first quarter. Empowered Funds LLC now owns 24,749 shares of the company's stock valued at $904,000 after purchasing an additional 1,622 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Flexsteel Industries by 5,214.0% in the 1st quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company's stock worth $97,000 after acquiring an additional 2,607 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new stake in Flexsteel Industries in the 1st quarter worth about $221,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc, together with its subsidiaries, operates as a manufacturer, importer, and markets of upholstered furniture for residential and contract markets in the United States. It provides upholstered furniture, such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture.