Havertys Announces Third Quarter Cash Dividend and New Authorization Under Stock Repurchase Program

Rhea-AI Summary

Havertys (NYSE: HVT, HVT-A) announced a cash dividend of $0.25 per share for common stock and $0.23 for Class A common stock, payable on September 8, 2021. This dividend reflects a continuous payment history since 1935. Additionally, the board approved a stock repurchase program allowing up to $25 million in buybacks, following approximately $8.2 million remaining from previous authorizations. The company repurchased about 235,000 shares for $8.6 million during Q3 2021. CEO Clarence H. Smith emphasized the board's commitment to balanced capital allocation and future growth.

Positive

• Declared cash dividend of $0.25 per share on common stock, reinforcing shareholder value.
• New stock repurchase program of $25 million indicates strong financial health.
• Company has a long-standing history of dividends since 1935, reflecting stability.

Negative

• None.

ATLANTA, Aug. 06, 2021 (GLOBE NEWSWIRE) -- HAVERTYS (NYSE: HVT and 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 $0.25 per share on the common stock and $0.23 per share on the Class A common stock. The dividend is payable on September 8, 2021, to stockholders of record at the close of business on August 23, 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 $8.2 million remaining authorization is utilized. The company has repurchased approximately 235,000 shares of common stock for $8.6 million during the third quarter of 2021. 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 CEO, said, “The board of directors carefully analyzes our capital allocation. Their actions today demonstrate the strength of our financial position and their confidence in our future cash flow generation to drive future growth and return capital to stockholders using a balanced approach.”

About Havertys
Havertys (NYSE: HVT and 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 at www.havertys.com.

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

SOURCE: Havertys

FAQ

What is the amount of the dividend declared by Havertys for 2021?

Havertys declared a cash dividend of $0.25 per share for common stock and $0.23 per share for Class A common stock.

When is the Havertys dividend payable?

The dividend is payable on September 8, 2021, to stockholders of record at the close of business on August 23, 2021.

How much has Havertys allocated for its stock repurchase program?

Havertys has approved a stock repurchase program allowing up to $25 million in buybacks.

What historical significance does Havertys' dividend have?

Havertys has paid a cash dividend every year since 1935, indicating a strong commitment to returning capital to shareholders.

How many shares did Havertys repurchase in Q3 2021?

Havertys repurchased approximately 235,000 shares of common stock for $8.6 million during the third quarter of 2021.