Who Owns Haverty Furniture Company?

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Who Owns Haverty Furniture Company?

Haverty Furniture Companies, Inc. transitioned from family ownership to public trading in 1929. This IPO provided capital and altered its ownership structure.

Understanding who owns a company is key to grasping its strategic direction. Haverty Furniture's journey from its founding in 1885 to its public offering in 1929 significantly reshaped its ownership landscape.

As of August 2025, Haverty Furniture, a retailer with 129 stores across 17 states, had a market capitalization ranging from $333.34 million to $356.01 million USD. This positions it as a small-cap entity in the furniture retail sector. The company's product offerings, such as those analyzed in the Haverty Furniture BCG Matrix, reflect its market strategy.

Haverty Furniture Companies was established in 1885 by brothers James Joseph (J.J.) Haverty and Michael Haverty in Atlanta, Georgia. Their initial venture was a modest undertaking, funded by $600 of J.J.'s personal capital and an equivalent amount in borrowed funds, reflecting a true bootstrapped beginning.

Founding Brothers

James Joseph (J.J.) Haverty and his brother Michael Haverty were the founders of Haverty Furniture Companies. They established the business in Atlanta, Georgia, in 1885.

Early Partnership

In 1889, the Haverty brothers formed a partnership with Amos G. Rhodes, owner of a nearby furniture store. This collaboration led to the establishment of the Rhodes-Haverty Furniture Company.

Re-establishment and Expansion

By 1908, J.J. Haverty and his son Clarence re-established Haverty Furniture Co. after splitting with Rhodes. The company expanded its reach by opening new locations in Birmingham, Alabama, and Charleston and Columbia, South Carolina, by 1916.

Corporate Formation

The company's formal corporate structure was established when it was incorporated in 1894. This marked a significant step in its organizational development.

Going Public

In the late 1920s, Haverty Furniture decided to go public, capitalizing on the booming stock market. This move involved consolidating 17 separate stockholder corporations.

1929 Stock Offering

On October 1, 1929, Haverty Furniture Companies, Inc. issued 100,000 shares of preferred stock. J.J. Haverty retained 25,000 shares, while Hambleton & Co. purchased the remaining 75,000 shares for resale.

The stock sale occurred just weeks before the significant 1929 market crash, which saw Haverty stock prices plummet from $20 to $5 per share, ultimately leading to Hambleton & Co.'s bankruptcy. Despite this severe market downturn, Haverty Furniture's robust financial standing enabled it to navigate the challenging economic period that followed.

Early Ownership Structure

Initially, Haverty Furniture was a partnership between the Haverty brothers. Following the 1929 stock offering, ownership became more dispersed among stockholders, though J.J. Haverty maintained a significant personal stake.

• Founded by J.J. and Michael Haverty in 1885.
• Partnership with Amos G. Rhodes formed in 1889.
• Incorporated in 1894, establishing a formal corporate structure.
• Public offering of preferred stock in 1929.
• J.J. Haverty retained 25,000 shares after the 1929 offering.
• The company's history is detailed in articles about its Mission, Vision & Core Values of Haverty Furniture.

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Haverty Furniture Companies, Inc. became a publicly traded entity on October 1, 1929, a pivotal moment that opened avenues for capital market access and subsequent expansion. This transition marked a significant shift in its ownership structure, moving from private to public hands.

As of July 2025, Haverty Furniture Companies (NYSE: HVT, HVT.A) commanded a market capitalization fluctuating between approximately $332.59 million and $356.01 million USD. The company's shareholder base is predominantly comprised of institutional investors, who held between 80.57% and 89.21% of the company's stock as of May and June 2025. Among the largest institutional stakeholders are BlackRock Inc., holding 9.84% (1,589,567 shares as of March 31, 2025), Dimensional Fund Advisors LP with 6.63% (1,071,229 shares as of March 31, 2025), and Pzena Investment Management LLC, which owned 5.98% (966,081 shares as of March 30, 2025). The Vanguard Group Inc. and Renaissance Technologies LLC also represent substantial holdings, with 5.41% (873,446 shares) and 4.42% (713,606 shares) respectively as of March 31, 2025. Goldman Sachs Group Inc. reported a 3.83% stake, equating to 619,412 shares, as of May 16, 2025.

Insider Influence and Dual-Class Shares

Insider ownership plays a crucial role in the company's governance, with key figures like Clarence H. Smith, the Executive Chairman, holding a notable 8.23% stake (1,328,830 shares). This structure, including significant holdings by West Wesley Associates LLC (7.44%) and the Estate of Rawson Haverty (3.94%), highlights the historical influence of the founding family.

• The Haverty family has historically maintained voting control through Class A shares.
• Class A shares grant voting rights, allowing for the election of board members.
• Common shares are also available, with Class A shares convertible to common stock.
• This dual-class share structure protects the company's strategic direction.

The company's financial reports, such as the 2024 10-K filed on March 6, 2025, detailed 14,922,558 shares of common stock and 1,270,976 shares of Class A common stock outstanding as of February 28, 2025. Haverty Furniture demonstrates a commitment to capital allocation through business investments and dividend distributions. In 2024, the company repurchased $5.0 million of its Common Stock, retaining an approximate $8.1 million under its existing repurchase authorization. Furthermore, quarterly cash dividends totaling $20.5 million were distributed in 2024. Understanding these aspects provides insight into the Revenue Streams & Business Model of Haverty Furniture.

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As of January 2025, the Board of Directors for Haverty Furniture Companies, Inc. includes Clarence H. Smith as Executive Chairman, Steven G. Burdette as President and CEO, and Rawson Haverty, Jr., a representative of the founding family. Natalie B. Morhous, CEO of RaceTrac Inc., also serves as an independent director.

The voting power within Haverty Furniture Companies, Inc. is significantly influenced by its dual-class share structure. The Haverty family holds the Class A shares, which are designated as the voting stock. This arrangement allows the family to elect three-quarters of the company's board members, thereby maintaining substantial control over strategic decisions and corporate governance, irrespective of their economic ownership percentage in common shares. This structure serves as a key mechanism for preserving family influence and stability, particularly during periods of market volatility.

Understanding Voting Power

Haverty Furniture's governance is shaped by a dual-class share system. This structure concentrates voting rights, impacting who controls the company's direction.

• Class A shares grant voting rights, primarily held by the Haverty family.
• This allows the family to elect a majority of the board members.
• It ensures continued family influence on strategic decisions.
• This system is a common method for founders to retain control.
• Understanding this structure is key to grasping Haverty Furniture ownership.

The board's composition aims to blend experienced internal leadership, including family representation, with the objective oversight provided by independent directors. This strategic mix is designed to foster robust decision-making processes. The concentrated voting power through the dual-class share structure inherently limits the impact of external pressures such as proxy battles or activist investor campaigns. For a deeper dive into the company's customer base and market positioning, consider the insights provided in Target Market of Haverty Furniture.

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Recent developments at Haverty Furniture Companies have seen a significant leadership transition and a continued focus on shareholder returns. As of July 31, 2025, Steven G. Burdette assumed the role of President and CEO, succeeding Clarence H. Smith, who transitioned to Executive Chairman of the Board. This leadership change marks a new chapter for the company, which was founded in 1885.

Haverty Furniture Companies, a publicly traded entity, has demonstrated a commitment to returning value to its shareholders through consistent dividend payments and strategic share repurchases. The company's financial health is underscored by its substantial cash reserves and lack of debt as of mid-2025, providing a stable foundation for its planned capital expenditures. These investments are geared towards expanding its physical footprint with new store openings and enhancing its operational capabilities through remodels and IT advancements, aligning with its Growth Strategy of Haverty Furniture.

Leadership Continuity

The recent CEO transition in January 2025 ensures a smooth handover, with Steven G. Burdette now leading the company. Clarence H. Smith's move to Executive Chairman provides continued strategic guidance.

Financial Prudence

Haverty Furniture maintains a strong balance sheet with significant cash and no debt as of June 30, 2025. This financial strength supports ongoing capital allocation strategies.

Shareholder Value Focus

The company has actively repurchased shares and increased its quarterly dividend, reflecting a dedication to enhancing shareholder returns. The dividend per share rose to $0.32 as of July 31, 2025.

Strategic Investments

Planned capital expenditures of approximately $24.0 million in 2025 are targeted at growth initiatives, including new store openings and store remodels. This investment aims to bolster market presence and customer experience.

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