PNC Financial Services Group Inc. Reduces Stock Holdings in La-Z-Boy Incorporated (NYSE:LZB)

PNC Financial Services Group Inc. cut its stake in shares of La-Z-Boy Incorporated (NYSE:LZB) by 5.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,353 shares of the company’s stock after selling 440 shares during the period. PNC Financial Services Group Inc.’s holdings in La-Z-Boy were worth $364,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Weiss Asset Management LP bought a new stake in La-Z-Boy during the 3rd quarter valued at approximately $5,988,000. abrdn plc grew its holdings in La-Z-Boy by 38.1% during the 4th quarter. abrdn plc now owns 347,589 shares of the company’s stock valued at $15,148,000 after purchasing an additional 95,812 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of La-Z-Boy in the third quarter worth approximately $3,177,000. Allspring Global Investments Holdings LLC boosted its stake in shares of La-Z-Boy by 67.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 143,949 shares of the company’s stock valued at $6,272,000 after purchasing an additional 58,146 shares during the period. Finally, Barclays PLC grew its stake in La-Z-Boy by 244.6% in the 3rd quarter. Barclays PLC now owns 75,256 shares of the company’s stock worth $3,230,000 after acquiring an additional 53,419 shares in the last quarter. 99.62% of the stock is owned by hedge funds and other institutional investors.

La-Z-Boy Trading Up 1.1 %

Shares of LZB stock opened at $39.15 on Friday. La-Z-Boy Incorporated has a twelve month low of $32.00 and a twelve month high of $48.31. The stock has a fifty day simple moving average of $43.99 and a two-hundred day simple moving average of $42.86. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 13.45 and a beta of 1.38.

La-Z-Boy (NYSE:LZB) last announced its earnings results on Tuesday, February 18th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.01. The business had revenue of $521.78 million for the quarter, compared to analysts’ expectations of $516.47 million. La-Z-Boy had a return on equity of 12.38% and a net margin of 5.92%. Research analysts predict that La-Z-Boy Incorporated will post 2.99 EPS for the current fiscal year.

La-Z-Boy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.22 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.88 annualized dividend and a dividend yield of 2.25%. La-Z-Boy’s dividend payout ratio is presently 30.24%.

La-Z-Boy Company Profile

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.