Bassett Furniture Industries Inc. (BSET) Declares Quarterly Dividend of $0.13

Bassett Furniture Industries Inc. (NASDAQ:BSET) announced a quarterly dividend on Thursday, October 4th, RTT News reports. Investors of record on Friday, November 9th will be given a dividend of 0.125 per share on Friday, November 23rd. This represents a $0.50 annualized dividend and a yield of 2.50%. The ex-dividend date is Thursday, November 8th.

Bassett Furniture Industries has increased its dividend by an average of 14.5% per year over the last three years and has increased its dividend every year for the last 5 years. Bassett Furniture Industries has a payout ratio of 42.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Bassett Furniture Industries to earn $1.34 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 37.3%.

Bassett Furniture Industries stock opened at $20.03 on Friday. Bassett Furniture Industries has a 12-month low of $18.86 and a 12-month high of $40.30. The stock has a market cap of $210.11 million, a P/E ratio of 15.68 and a beta of 0.89.

Bassett Furniture Industries (NASDAQ:BSET) last released its quarterly earnings data on Thursday, September 27th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.14). Bassett Furniture Industries had a return on equity of 7.07% and a net margin of 2.47%. The firm had revenue of $112.96 million for the quarter. Analysts predict that Bassett Furniture Industries will post 1.19 EPS for the current year.

In related news, Director John R. Belk bought 15,000 shares of the stock in a transaction on Friday, October 12th. The stock was bought at an average price of $20.99 per share, with a total value of $314,850.00. Following the completion of the purchase, the director now directly owns 16,109 shares in the company, valued at approximately $338,127.91. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John R. Belk bought 3,306 shares of the stock in a transaction on Thursday, October 4th. The shares were bought at an average cost of $20.99 per share, with a total value of $69,392.94. Following the purchase, the director now owns 16,109 shares of the company’s stock, valued at $338,127.91. The disclosure for this purchase can be found here. Company insiders own 6.40% of the company’s stock.

An institutional investor recently raised its position in Bassett Furniture Industries stock. Bank of New York Mellon Corp boosted its stake in shares of Bassett Furniture Industries Inc. (NASDAQ:BSET) by 10.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,774 shares of the company’s stock after buying an additional 11,911 shares during the quarter. Bank of New York Mellon Corp owned 1.12% of Bassett Furniture Industries worth $3,327,000 as of its most recent SEC filing. 73.32% of the stock is currently owned by institutional investors.

Several brokerages have weighed in on BSET. ValuEngine raised shares of Bassett Furniture Industries from a “strong sell” rating to a “sell” rating in a research note on Wednesday. BidaskClub raised shares of Bassett Furniture Industries from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 23rd. Stifel Nicolaus lowered their target price on shares of Bassett Furniture Industries from $29.00 to $21.00 and set a “hold” rating for the company in a research note on Friday, September 28th. Finally, Zacks Investment Research lowered shares of Bassett Furniture Industries from a “hold” rating to a “sell” rating in a research note on Friday, August 31st. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.00.

Bassett Furniture Industries Company Profile

Bassett Furniture Industries, Incorporated manufactures, markets, and retails home furnishings in the United States. The company operates in three segments: Wholesale, Retail, and Logistical Services. It is involved in the design, manufacture, sourcing, sale, and distribution of furniture products to a network of company-owned and licensee-owned Bassett Home Furnishings (BHF) retail stores, as well as independent furniture retailers; and wood and upholstery operations.

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Dividend History for Bassett Furniture Industries (NASDAQ:BSET)

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