Haverty Furniture Companies (NYSE:HVT) Announces Quarterly Earnings Results

Key Points

• Haverty reported quarterly EPS of $0.26, matching estimates, while revenue of $189.05 million trailed the consensus of $191.99M and the company posted a net margin of 2.6% and ROE of 6.45%.
• The firm paid a quarterly dividend of $0.33 (annualized $1.32) for a yield of 6.1%, though the dividend payout ratio is an elevated 112.82%.
• Shares jumped about 4.9% on the release; analysts have trimmed ratings to mostly "Hold" and institutional ownership is high at roughly 80.6%, with several funds adding to positions.

Haverty Furniture Companies (NYSE:HVT - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26, FiscalAI reports. Haverty Furniture Companies had a return on equity of 6.45% and a net margin of 2.60%.The firm had revenue of $189.05 million for the quarter, compared to the consensus estimate of $191.99 million.

Haverty Furniture Companies Stock Up 4.9%

HVT opened at $21.59 on Tuesday. The stock's 50 day moving average price is $22.36 and its two-hundred day moving average price is $23.47. The firm has a market capitalization of $348.53 million, a P/E ratio of 18.51, a price-to-earnings-growth ratio of 1.01 and a beta of 1.20. Haverty Furniture Companies has a 12-month low of $18.69 and a 12-month high of $27.67.

Haverty Furniture Companies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Shareholders of record on Tuesday, March 10th were issued a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, March 10th. This represents a $1.32 dividend on an annualized basis and a yield of 6.1%. Haverty Furniture Companies's dividend payout ratio (DPR) is 112.82%.

Analysts Set New Price Targets

HVT has been the topic of several analyst reports. Wall Street Zen downgraded shares of Haverty Furniture Companies from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings restated a "hold (c)" rating on shares of Haverty Furniture Companies in a research report on Friday, March 27th. Finally, Zacks Research raised shares of Haverty Furniture Companies from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold".

Institutional Investors Weigh In On Haverty Furniture Companies

Several hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its position in shares of Haverty Furniture Companies by 13.8% in the 1st quarter. Royal Bank of Canada now owns 27,073 shares of the company's stock worth $534,000 after acquiring an additional 3,293 shares during the period. AQR Capital Management LLC increased its position in shares of Haverty Furniture Companies by 30.5% during the first quarter. AQR Capital Management LLC now owns 162,821 shares of the company's stock valued at $3,211,000 after purchasing an additional 38,074 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Haverty Furniture Companies by 7.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,898 shares of the company's stock valued at $175,000 after purchasing an additional 651 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Haverty Furniture Companies by 7.4% in the first quarter. Empowered Funds LLC now owns 92,185 shares of the company's stock valued at $1,818,000 after purchasing an additional 6,387 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in Haverty Furniture Companies by 68.7% in the first quarter. Jane Street Group LLC now owns 172,099 shares of the company's stock worth $3,394,000 after purchasing an additional 70,060 shares during the period. 80.57% of the stock is owned by institutional investors.

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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