Hooker Furnishings Co. (NASDAQ:HOFT) Announces $0.23 Quarterly Dividend

Hooker Furnishings Co. (NASDAQ:HOFT - Get Free Report) declared a quarterly dividend on Tuesday, June 3rd, RTT News reports. Stockholders of record on Monday, June 16th will be given a dividend of 0.23 per share on Monday, June 30th. This represents a $0.92 annualized dividend and a dividend yield of 8.36%. The ex-dividend date is Monday, June 16th.

Hooker Furnishings has raised its dividend by an average of 7.5% per year over the last three years and has raised its dividend every year for the last 9 years. Hooker Furnishings has a payout ratio of 68.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Hooker Furnishings to earn $1.10 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 83.6%.

Hooker Furnishings Price Performance

NASDAQ HOFT traded up $0.32 during trading hours on Friday, reaching $11.00. The company's stock had a trading volume of 55,428 shares, compared to its average volume of 46,967. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.76 and a current ratio of 3.16. The company's 50-day moving average is $9.26 and its two-hundred day moving average is $12.26. Hooker Furnishings has a fifty-two week low of $7.34 and a fifty-two week high of $19.79. The stock has a market cap of $117.73 million, a PE ratio of -12.09, a PEG ratio of 0.85 and a beta of 1.37.

Hooker Furnishings (NASDAQ:HOFT - Get Free Report) last announced its earnings results on Thursday, April 17th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.15). The company had revenue of $104.46 million for the quarter, compared to analyst estimates of $101.25 million. Hooker Furnishings had a negative net margin of 2.46% and a negative return on equity of 3.51%. During the same quarter last year, the company posted $0.06 EPS. Analysts forecast that Hooker Furnishings will post -0.44 EPS for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Hooker Furnishings from a "hold" rating to a "sell" rating in a report on Sunday, April 20th.

Institutional Trading of Hooker Furnishings

Hedge funds have recently made changes to their positions in the company. Strs Ohio purchased a new stake in Hooker Furnishings during the 1st quarter worth approximately $124,000. Jane Street Group LLC bought a new position in Hooker Furnishings during the 1st quarter valued at $146,000. Finally, Empowered Funds LLC grew its holdings in Hooker Furnishings by 7.2% during the 1st quarter. Empowered Funds LLC now owns 55,319 shares of the company's stock worth $555,000 after acquiring an additional 3,696 shares in the last quarter. Hedge funds and other institutional investors own 73.63% of the company's stock.

About Hooker Furnishings

Hooker Furnishings Corporation designs, manufactures, imports, and markets residential household, hospitality, and contract furniture. It operates in three segments: Hooker Branded, Home Meridian, and Domestic Upholstery. The Hooker Branded segment offers design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand; and imported upholstered furniture under the Hooker Upholstery brand.