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

Hooker Furnishings Co. (NASDAQ:HOFT) announced a quarterly dividend on Wednesday, June 4th, RTT News reports. Investors 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 yield of 8.55%.

Hooker Furnishings has increased its dividend by an average of 7.5% annually over the last three years and has raised its dividend every year for the last 9 years. Hooker Furnishings has a dividend payout ratio of 68.1% indicating that its dividend is sufficiently covered by earnings. Equities 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 Trading Down 3.9%

HOFT opened at $10.76 on Thursday. Hooker Furnishings has a 52 week low of $7.34 and a 52 week high of $19.79. The company has a quick ratio of 1.76, a current ratio of 3.16 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $9.23 and a 200-day simple moving average of $12.39. The firm has a market cap of $115.16 million, a P/E ratio of -11.82, a P/E/G ratio of 0.85 and a beta of 1.40.

Hooker Furnishings (NASDAQ:HOFT) last issued its quarterly earnings results on Thursday, April 17th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.15). The business had revenue of $104.46 million for the quarter, compared to analysts’ expectations of $101.25 million. Hooker Furnishings had a negative return on equity of 3.51% and a negative net margin of 2.46%. During the same quarter last year, the company earned $0.06 earnings per share. On average, equities analysts expect that Hooker Furnishings will post -0.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Hooker Furnishings from a “hold” rating to a “sell” rating in a research note on Sunday, April 20th.

Institutional Trading of Hooker Furnishings

Hedge funds have recently modified their holdings of the stock. Empowered Funds LLC grew its stake 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 purchasing an additional 3,696 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Hooker Furnishings in the 1st quarter valued at about $146,000. Finally, Strs Ohio purchased a new position in shares of Hooker Furnishings in the 1st quarter valued at about $124,000. 73.63% of the stock is currently owned by institutional investors and hedge funds.

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.