OREANDA-NEWS. HAVERTYS 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 $0.12 per share on the common stock and $0.1125 per share on the Class A common stock.  This action increases the quarterly dividend on the common stock $0.02 per share, representing a 20% increase in its rate.  The Class A common stock quarterly dividend increase is $0.0175 per share or 18.4%. The dividend is payable Friday, September 9, 2016 to stockholders of record at the close of business on Wednesday, August 24, 2016.

The board also approved a new authorization under its stock repurchase program that permits the company to purchase up to $10.0 million of its common stock and Class A common stock.  The company has a minor amount remaining for purchases under a previously approved authorization.  Shares may be repurchased, at the company’s discretion, from time-to-time in the open market or in privately negotiated transactions.

Havertys has paid a cash dividend in each year since 1935 and the new quarterly rate is the highest in its history.