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Hooker Furnishings raises dividend, to push implied yield above 3%

Hooker Furnishings Corp. (HOFT) said Wednesday it raised its quarterly dividend by 11%, to 20 cents a share from 18 cents. The furniture retailer's new dividend is payable on Dec. 31 to shareholders of record on Dec. 17. The stock was still inactive in premarket trading. Based on Tuesday's closing price of $24.80, the new annual dividend rate implies a dividend yield of 3.23%, compared with the yield for the SPDR S&P Retail ETF (XRT) of 0.76% and the implied yield for the S&P 500 of 1.32%. The stock has tumbled 19.7% over the past three months, while the S&P 500 has gained 24.8%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

12-08-21 0609ET

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