Havertys Announces Special Cash Dividend, Quarterly Cash Dividend, and Additional Authorization Under Stock Repurchase Program

Rhea-AI Summary

Havertys (NYSE: HVT, HVT-A) announced a special cash dividend of $2.00 per common share and $1.90 per Class A share, alongside a quarterly dividend of $0.25 and $0.23, respectively. Both dividends will be distributed on December 8, 2021, to shareholders on record by November 22, 2021. The board also sanctioned a new stock repurchase program allowing up to $25 million in buybacks. CEO Clarence H. Smith emphasized that this decision reflects the company's robust balance sheet and aims to balance dividends with capital for future growth.

Positive

• Special cash dividend of $2.00 per common share and $1.90 per Class A share enhances shareholder value.
• Quarterly dividend of $0.25 and $0.23 for common and Class A shares signals consistent returns.
• New stock repurchase authorization of $25 million indicates management's confidence in the company's future.

Negative

• None.

ATLANTA, Nov. 05, 2021 (GLOBE NEWSWIRE) -- HAVERTYS (NYSE: HVT and HVT.A) announced today, that its board of directors authorized a special 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 $2.00 per share on the common stock and $1.90 per share on the Class A common stock. The board also approved the payment of the quarterly cash dividend of $0.25 per share on the common stock and $0.23 per share on the Class A common stock. The special cash dividend and regular quarterly dividend will be paid together on December 8, 2021 to stockholders of record at the close of business on November 22, 2021. Havertys has paid a cash dividend in each year since 1935.

The board also approved a new authorization under its stock repurchase program that permits the company to purchase up to $25.0 million of its common stock and Class A common stock once the approximately $22.3 million remaining authorization is utilized. Shares may be repurchased, at the company’s discretion, from time-to-time in the open market or in privately negotiated transactions.

Clarence H. Smith, chairman and chief executive officer, said, "We believe in a balanced approach on returns to stockholders of dividends and open-market share repurchases. The board’s decision today highlights our strong balance sheet and operating results allowing for these returns to Havertys stockholders while maintaining capital for future growth and potential opportunities.”

About Havertys  

Havertys (NYSE: HVT and HVT.A), established in 1885, is a full-service home furnishings retailer with 121 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, and Corporate Secretary

SOURCE: Havertys

FAQ

What is the special cash dividend amount for Havertys stock?

Havertys has announced a special cash dividend of $2.00 per common share and $1.90 per Class A share.

When will Havertys' dividends be paid?

The dividends will be paid on December 8, 2021, to shareholders of record as of November 22, 2021.

What is the new stock repurchase program for Havertys?

Havertys' board approved a new stock repurchase program allowing for the purchase of up to $25 million in common and Class A common stock.

How does the dividend and buyback program affect HVT and HVT-A stock?

The special cash dividend and stock repurchase program are expected to enhance shareholder value and reflect the company's strong financial position.