Bank of New York Mellon Corp Boosts Stake in Bassett Furniture Industries, Incorporated (NASDAQ:BSET)

Key Points

• Bank of New York Mellon Corp significantly increased its stake in Bassett Furniture Industries by 192.9%, owning 0.82% of the company worth approximately $1.085 million.
• Bassett Furniture reported quarterly earnings of $0.22 per share, exceeding analysts' estimates of $0.15, and showed a revenue of $84.35 million for the quarter.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annual yield of 5.1% despite a high payout ratio of 275.86%.

Bank of New York Mellon Corp grew its holdings in Bassett Furniture Industries, Incorporated (NASDAQ:BSET - Free Report) by 192.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,138 shares of the company's stock after purchasing an additional 46,847 shares during the period. Bank of New York Mellon Corp owned about 0.82% of Bassett Furniture Industries worth $1,085,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of BSET. Aristides Capital LLC grew its holdings in shares of Bassett Furniture Industries by 16.0% in the fourth quarter. Aristides Capital LLC now owns 43,111 shares of the company's stock worth $596,000 after acquiring an additional 5,935 shares during the period. Jane Street Group LLC bought a new stake in shares of Bassett Furniture Industries in the fourth quarter worth $158,000. Finally, Gate City Capital Management LLC grew its holdings in shares of Bassett Furniture Industries by 59.7% in the fourth quarter. Gate City Capital Management LLC now owns 147,527 shares of the company's stock worth $2,040,000 after acquiring an additional 55,130 shares during the period. Institutional investors own 54.40% of the company's stock.

Insider Activity at Bassett Furniture Industries

In other news, SVP John E. Bassett III sold 2,000 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.56, for a total value of $37,120.00. Following the transaction, the senior vice president directly owned 50,761 shares in the company, valued at $942,124.16. The trade was a 3.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Bassett Furniture Industries from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th.

Bassett Furniture Industries Stock Down 0.2%

NASDAQ:BSET traded down $0.04 during mid-day trading on Monday, hitting $15.54. 6,030 shares of the company traded hands, compared to its average volume of 33,476. The stock's fifty day moving average price is $16.59 and its 200-day moving average price is $16.13. Bassett Furniture Industries, Incorporated has a one year low of $12.10 and a one year high of $19.75. The firm has a market cap of $135.00 million, a price-to-earnings ratio of 53.57, a price-to-earnings-growth ratio of 1.18 and a beta of 1.15.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) last released its quarterly earnings results on Wednesday, July 9th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.07. Bassett Furniture Industries had a return on equity of 1.48% and a net margin of 0.76%. The business had revenue of $84,348 billion during the quarter, compared to analyst estimates of $82.03 million. During the same quarter in the previous year, the company posted ($0.19) earnings per share. Equities analysts predict that Bassett Furniture Industries, Incorporated will post 0.75 EPS for the current year.

Bassett Furniture Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Friday, August 15th. Bassett Furniture Industries's payout ratio is presently 275.86%.

About Bassett Furniture Industries

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.