Bassett Furniture Industries (NASDAQ:BSET) Announces Quarterly Earnings Results

Key Points

• Bassett Furniture Industries reported earnings of $0.09 per share for the quarter, matching analysts' expectations, with a return on equity of 1.48% and a net margin of 0.76%.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annualized dividend yield of 4.8%, although the payout ratio is notably high at 275.86%.
• Bassett Furniture's stock price has fluctuated between a 1-year low of $13.58 and a 1-year high of $19.75, with a recent trading price of $16.81 following a jump of $0.91 during the latest trading session.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) issued its earnings results on Wednesday. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09, Zacks reports. Bassett Furniture Industries had a return on equity of 1.48% and a net margin of 0.76%.

Bassett Furniture Industries Stock Performance

NASDAQ BSET traded up $0.91 during trading on Wednesday, reaching $16.81. 87,399 shares of the company's stock were exchanged, compared to its average volume of 31,672. The stock has a market cap of $146.08 million, a P/E ratio of 57.97, a price-to-earnings-growth ratio of 1.16 and a beta of 1.01. The company has a 50 day moving average price of $16.24 and a two-hundred day moving average price of $16.55. Bassett Furniture Industries has a 1 year low of $13.58 and a 1 year high of $19.75.

Bassett Furniture Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Friday, August 15th. Bassett Furniture Industries's payout ratio is presently 275.86%.

Insider Buying and Selling at Bassett Furniture Industries

In other Bassett Furniture Industries news, SVP John E. Bassett III sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.56, for a total transaction of $37,120.00. Following the transaction, the senior vice president owned 50,761 shares in the company, valued at approximately $942,124.16. The trade was a 3.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 7.30% of the company's stock.

Institutional Trading of Bassett Furniture Industries

A number of hedge funds and other institutional investors have recently modified their holdings of BSET. Group One Trading LLC bought a new stake in Bassett Furniture Industries in the second quarter valued at about $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Bassett Furniture Industries in the second quarter valued at about $68,000. JPMorgan Chase & Co. bought a new stake in Bassett Furniture Industries in the second quarter valued at about $83,000. New York State Common Retirement Fund bought a new stake in Bassett Furniture Industries in the second quarter valued at about $106,000. Finally, Bank of America Corp DE increased its holdings in Bassett Furniture Industries by 42.4% in the second quarter. Bank of America Corp DE now owns 19,398 shares of the company's stock valued at $295,000 after buying an additional 5,776 shares during the last quarter. 54.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BSET. Weiss Ratings reissued a "hold (c)" rating on shares of Bassett Furniture Industries in a report on Wednesday. Wall Street Zen downgraded Bassett Furniture Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Zacks Research downgraded Bassett Furniture Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 29th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Bassett Furniture Industries presently has a consensus rating of "Hold".

Bassett Furniture Industries Company Profile

Bassett Furniture Industries, Incorporated, together with its subsidiaries, manufactures, markets, and retails home furnishings in the United States and internationally. It operates in three segments: Wholesale, Retail Company-Owned Stores, and Corporate and Other. The company engages in the design, manufacture, sourcing, sale, and distribution of furniture products, including dining, bedroom and bedding, home decorations, rugs, and outdoor furniture to a network of company-owned retail stores, licensee-owned stores, and independent retailers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.