Flexsteel Industries, Inc. (NASDAQ:FLXS) Raises Dividend to $0.20 Per Share

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) declared a quarterly dividend on Wednesday, June 11th, Wall Street Journal reports. Stockholders of record on Wednesday, June 25th will be given a dividend of 0.20 per share on Monday, July 7th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend 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

FLXS stock traded down $0.59 on Friday, reaching $30.09. 3,433 shares of the company traded hands, compared to its average volume of 29,234. Flexsteel Industries has a one year low of $28.81 and a one year high of $65.87. The company has a market cap of $158.64 million, a P/E ratio of 8.40, a price-to-earnings-growth ratio of 1.14 and a beta of 0.36. The firm has a fifty day simple moving average of $32.34 and a 200-day simple moving average of $43.82.

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

Institutional Investors Weigh In On Flexsteel Industries

Several large investors have recently bought and sold shares of FLXS. Empowered Funds LLC grew its holdings in shares of Flexsteel Industries by 7.0% in the first quarter. Empowered Funds LLC now owns 24,749 shares of the company's stock worth $904,000 after acquiring an additional 1,622 shares during the period. AQR Capital Management LLC bought a new stake in shares of Flexsteel Industries in the first quarter worth $221,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of Flexsteel Industries by 5,214.0% in the first 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 during the period. 36.27% of the stock is currently owned by 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.