Flexsteel Industries, Inc. (NASDAQ:FLXS – Get Rating) declared a quarterly dividend on Tuesday, September 13th, Zacks reports. Investors of record on Wednesday, September 28th will be given a dividend of 0.15 per share on Monday, October 10th. This represents a $0.60 annualized dividend and a yield of 3.70%. The ex-dividend date is Tuesday, September 27th.

Flexsteel Industries has decreased its dividend by an average of 12.0% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Flexsteel Industries has a payout ratio of 48.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Flexsteel Industries to earn $2.95 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 20.3%.

Flexsteel Industries Trading Down 3.6 %

NASDAQ:FLXS opened at $16.20 on Thursday. The company has a market cap of $85.86 million, a PE ratio of 64.80, a P/E/G ratio of 1.12 and a beta of 0.64. Flexsteel Industries has a 52 week low of $16.01 and a 52 week high of $36.77. The company has a quick ratio of 0.76, a current ratio of 2.94 and a debt-to-equity ratio of 0.29. The business's 50 day moving average is $17.84 and its two-hundred day moving average is $19.26.

Institutional Investors Weigh In On Flexsteel Industries

Several hedge funds have recently bought and sold shares of FLXS. Millennium Management LLC bought a new position in shares of Flexsteel Industries during the second quarter worth approximately $1,380,000. Citadel Advisors LLC acquired a new position in shares of Flexsteel Industries during the second quarter worth $268,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Flexsteel Industries during the second quarter worth $202,000. State Street Corp lifted its holdings in shares of Flexsteel Industries by 2.6% during the first quarter. State Street Corp now owns 106,455 shares of the company's stock worth $2,070,000 after purchasing an additional 2,688 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Flexsteel Industries by 49.4% during the first quarter. Bank of America Corp DE now owns 5,659 shares of the company's stock worth $109,000 after purchasing an additional 1,871 shares during the period. 41.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, TheStreet downgraded Flexsteel Industries from a "c" rating to a "d+" rating in a report on Monday, August 29th.

About Flexsteel Industries

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Flexsteel Industries, Inc, together with its subsidiaries, operates as a manufacturer, importer, and online marketer of upholstered and wooden furniture for residential and contract markets in the United States. It offers upholstered furniture, such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, and bedroom furniture.

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