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

A number of other institutional investors and hedge funds have also recently modified their holdings of BSET. Gate City Capital Management LLC lifted its holdings in 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 valued at $2,040,000 after acquiring an additional 55,130 shares during the period. Jane Street Group LLC acquired a new position in Bassett Furniture Industries in the fourth quarter valued at approximately $158,000. Finally, Aristides Capital LLC lifted its holdings in Bassett Furniture Industries by 16.0% in the fourth quarter. Aristides Capital LLC now owns 43,111 shares of the company's stock valued at $596,000 after acquiring an additional 5,935 shares during the period. Institutional investors and hedge funds own 54.40% of the company's stock.

Bassett Furniture Industries Stock Performance

Shares of BSET traded down $0.25 during trading hours on Friday, hitting $15.57. 22,952 shares of the stock were exchanged, compared to its average volume of 57,227. Bassett Furniture Industries, Incorporated has a 12-month low of $12.10 and a 12-month high of $19.75. The company has a market cap of $135.30 million, a price-to-earnings ratio of 53.69, a price-to-earnings-growth ratio of 1.20 and a beta of 1.15. The stock's 50-day moving average price is $16.59 and its two-hundred day moving average price is $16.10.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) last released its quarterly earnings data on Wednesday, July 9th. The company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $84,348 billion for 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. On average, research analysts expect that Bassett Furniture Industries, Incorporated will post 0.75 earnings per share for the current year.

Bassett Furniture Industries Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Insider Transactions at Bassett Furniture Industries

In other Bassett Furniture Industries news, SVP John E. Bassett III sold 2,000 shares of the 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 sale, the senior vice president owned 50,761 shares of the company's stock, valued at $942,124.16. This trade represents a 3.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 7.30% of the company's stock.

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.