La-Z-Boy (LZB) will raise its quarterly dividend by 8.3 percent to $0.13 per share in the fourth quarter of 2018. This marks the 6th consecutive year of dividend increases by the furniture manufacturer.

The increased dividend will be paid on December 20, 2018, to shareholders of record as of December 10, 2018. A new annualized dividend of 52 cents per share yields 1.8% at a stock price of $30.

La-Z-Boy Incorporated is a residential furniture producer. The La-Z-Boy Upholstery segment companies are England and La-Z-Boy. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. The company-owned Retail segment includes La-Z-Boy Furniture Galleries stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture. The corporation’s branded distribution network sells La-Z-Boy Incorporated products and brands, and includes stand-alone La-Z-Boy Furniture Galleries stores and independent Comfort Studio locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Edward M. Knabusch and Edwin J. Shoemaker started Floral City Furniture in 1927, and in 1928 the newly formed company introduced its first recliner. In 1941, the company was incorporated in the state of Michigan as La-Z-Boy Chair Company, and in 1996 the company changed its name to La-Z-Boy Incorporated.