Haverty Furniture to pay special dividend of $2 a share

/ / News

Haverty Furniture Companies Inc. said Friday it will pay a special cash dividend of $2.00 a share. The stock was down 1.9% in afternoon trading, but was down 2.9% prior to a trading halt for news. The home furnishings retailer said the special dividend, as well as the regular quarterly dividend of 20 cents a share, will be payable on Dec. 9 to shareholders of business on Nov. 23. “Our board of directors authorized several steps taken earlier this year to ensure our liquidity due to the uncertainty facing the economy. Our operating results since reopening our stores in May have been very good,” said Chief Executive Clarence Smith. “The board’s decision today to pay a special dividend, provides returns to Haverty’s stockholders, maintains a safeguard against potential headwinds, and preserves capital for potential opportunities.” Based on current stock prices, the stock’s regular dividend yield is 3.11%, compared with the implied yield for the SPDR S&P Retail ETF of 1.14% and the implied yield for the S&P 500 of 1.63%. Haverty’s stock has rallied 27.6% year to date, while the S&P 500 has gained 8.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.