Why Williams Sonoma Stock Surged 36% in March

Shares of Williams Sonoma (NYSE: WSM) gained 36.5% in value last month, according to data provided by S&P Global Market Intelligence. The company delivered a better-than-expected earnings report for its fiscal fourth quarter that sent the stock price upward. It also announced an 11% increase in its dividend and a new share-repurchase authorization of $1 billion. The dividend hike brings its quarterly cash payout to $0.59 per share, or an annual dividend yield of 1.28% based on the current stock price of about $183.

The pandemic continued to spark demand for home products throughout its fiscal 2020, which ended on Jan. 31. Williams Sonoma saw a sharp acceleration in revenue growth last year, but management anticipates more modest growth as the economy reopens.

Image source: Getty Images.

Source Fool.com