71,884 Shares in Bassett Furniture Industries, Incorporated $BSET Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 71,884 Bassett Furniture shares worth approximately $1.27 million, giving it a 0.83% stake. Institutional investors and hedge funds collectively own 54.4% of BSET.
• Bassett reported quarterly earnings of $0.24 per share, beating estimates of $0.20, while revenue of $83.75 million also exceeded forecasts. Analysts expect full-year EPS of $0.89.
• The company declared a quarterly dividend of $0.20, equal to an annualized $0.80 and a 4.4% yield; however, its 125% payout ratio exceeds reported earnings.

Bank of New York Mellon Corp purchased a new stake in shares of Bassett Furniture Industries, Incorporated (NASDAQ:BSET - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 71,884 shares of the company's stock, valued at approximately $1,274,000. Bank of New York Mellon Corp owned about 0.83% of Bassett Furniture Industries as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BSET. Russell Investments Group Ltd. increased its holdings in shares of Bassett Furniture Industries by 95.3% during the fourth quarter. Russell Investments Group Ltd. now owns 1,504 shares of the company's stock worth $25,000 after buying an additional 734 shares in the last quarter. Group One Trading LLC bought a new stake in Bassett Furniture Industries during the 2nd quarter worth approximately $30,000. Empowered Funds LLC grew its position in Bassett Furniture Industries by 7.9% during the 1st quarter. Empowered Funds LLC now owns 28,643 shares of the company's stock worth $437,000 after acquiring an additional 2,089 shares during the last quarter. Motiv8 Investments LLC acquired a new stake in Bassett Furniture Industries during the 4th quarter valued at $42,000. Finally, Nalls Sherbakoff Group LLC acquired a new stake in Bassett Furniture Industries during the 4th quarter valued at $46,000. 54.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Weiss Ratings raised Bassett Furniture Industries from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, July 14th. Zacks Research lowered Bassett Furniture Industries from a "strong-buy" rating to a "hold" rating in a research note on Monday. Finally, Wall Street Zen raised Bassett Furniture Industries from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy".

Bassett Furniture Industries Price Performance

Shares of Bassett Furniture Industries stock opened at $18.17 on Thursday. The business has a fifty day simple moving average of $19.67 and a 200 day simple moving average of $16.50. The stock has a market cap of $157.35 million, a PE ratio of 28.39, a price-to-earnings-growth ratio of 1.28 and a beta of 0.77. Bassett Furniture Industries, Incorporated has a 12 month low of $13.17 and a 12 month high of $22.26.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) last released its earnings results on Wednesday, July 1st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.04. Bassett Furniture Industries had a return on equity of 3.56% and a net margin of 1.65%.The firm had revenue of $83.75 million for the quarter, compared to analyst estimates of $83.32 million. During the same quarter in the prior year, the firm posted $0.22 earnings per share. Analysts expect that Bassett Furniture Industries, Incorporated will post 0.89 EPS for the current fiscal year.

Bassett Furniture Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Friday, August 14th. Bassett Furniture Industries's dividend payout ratio (DPR) is currently 125.00%.

About Bassett Furniture Industries

Bassett Furniture Industries, Inc NASDAQ: BSET, headquartered in Bassett, Virginia, is a vertically integrated manufacturer and retailer of residential home furnishings. The company designs, produces and markets a range of furniture items, including upholstered seating, wood case goods, bedroom collections, dining room sets and home décor accessories. Bassett is known for its emphasis on craftsmanship, offering both ready-to-assemble pieces and made-to-order products that cater to varying design preferences and space requirements.

Bassett's products are sold through a dual-channel distribution network comprising company-owned Bassett Home Furnishings stores, a franchise and independent dealer network, and an e-commerce platform that provides online shopping, virtual design consultations and customization tools.

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