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Havertys Announces Increase in Quarterly Dividend and New Authorization Under Stock Repurchase Program

/EIN News/ -- ATLANTA, Aug. 09, 2016 (GLOBE NEWSWIRE) -- 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 $0.12 per share on the common stock and $0.1125 per share on the Class A common stock.  This action increases the quarterly dividend on the common stock $0.02 per share, representing a 20% increase in its rate.  The Class A common stock quarterly dividend increase is $0.0175 per share or 18.4%. The dividend is payable Friday, September 9, 2016 to stockholders of record at the close of business on Wednesday, August 24, 2016.

The board also approved a new authorization under its stock repurchase program that permits the company to purchase up to $10.0 million of its common stock and Class A common stock.  The company has a minor amount remaining for purchases under a previously approved authorization.  Shares may be repurchased, at the company’s discretion, from time-to-time in the open market or in privately negotiated transactions.

Havertys has paid a cash dividend in each year since 1935 and the new quarterly rate is the highest in its history.

Havertys (NYSE:HVT) (NYSE:HVT.A), established in 1885, is a full-service home furnishings retailer with 122 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 havertys.com

 

Contact:
Haverty Furniture Companies, Inc., 404-443-2900
Jenny Hill Parker
SVP, Finance, Secretary and Treasurer

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