Havertys Announces First Quarter Cash Dividend

Rhea-AI Summary

Havertys (HVT) declares a cash dividend for its common stock and Class A common stock, continuing its long history of dividend payments.

Financial Analyst

The declaration of a cash dividend by Havertys indicates a distribution of earnings to shareholders, reflecting the company's current financial health and liquidity status. Dividends are often seen as a sign of a company's stability and maturity and they can have implications for investor sentiment and stock valuation. The consistent payment of dividends since 1935 suggests a long-term commitment to returning value to shareholders, which can be attractive to income-focused investors. It's important to analyze the dividend yield, which is the dividend per share divided by the stock price, to understand the return on investment for shareholders.

Furthermore, the differentiation in dividend rates between common stock and Class A common stock points to a dual-class structure. This structure typically allows for different voting rights and dividend payments, which can impact the control dynamics within the company. Investors might also consider the payout ratio, the proportion of earnings paid out as dividends, to assess the sustainability of the dividend payments in relation to the company's earnings.

Market Research Analyst

From a market perspective, Havertys' announcement may be indicative of sector trends, particularly within the retail furniture industry. It is essential to compare the dividend rates with industry averages and peers to evaluate the company's competitive position. The retail sector can be cyclical and dividend payments can signal management's confidence in the company's ability to generate consistent cash flow despite market fluctuations.

Additionally, the timing of the dividend payment could be strategically aligned with market expectations and investor needs. Seasonal factors and consumer spending patterns, particularly in the furniture segment, could influence the company's financial performance and, consequently, its ability to maintain or increase dividend payments in the future.

ATLANTA, GA / ACCESSWIRE / February 23, 2024 / HAVERTYS (NYSE:HVT)(NYSE:HVT.A) announced today that its board of directors declared a cash dividend to be paid on the outstanding shares of the two classes of $1 par value common stock of the company at a rate of $0.30 per share on the common stock and $0.28 per share on the Class A common stock. The dividend is payable on March 26, 2024, to stockholders of record at the close of business on March 11, 2024. Havertys has paid a cash dividend in each year since 1935.

About Havertys

Havertys (NYSE:HVT)(NYSE:HVT.A), established in 1885, is a full-service home furnishings retailer with 124 showrooms in 16 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the Company's website at www.havertys.com.

Contact:

Havertys 404-443-2900
Jenny Hill Parker
SVP, finance and
corporate secretary

SOURCE: Havertys

View the original press release on accesswire.com

What dividend did Havertys declare for its common stock and Class A common stock?

Havertys declared a cash dividend of $0.30 per share for common stock and $0.28 per share for Class A common stock.

When will Havertys pay the declared dividend?

The dividend declared by Havertys will be payable on March 26, 2024.

How long has Havertys been paying cash dividends?

Havertys has been paying cash dividends annually since 1935.