BlackRock Inc. Takes $3.03 Million Position in Bassett Furniture Industries, Incorporated $BSET

Key Points

• BlackRock acquired 171,110 shares of Bassett Furniture Industries in the second quarter, establishing a position worth approximately $3.03 million and representing about 1.98% of the company.
• Institutional ownership stands at 54.4%, with Geode Capital Management more than doubling its stake and several other firms initiating new positions.
• Bassett reported quarterly EPS of $0.24, exceeding the $0.20 consensus estimate, while paying a $0.20 quarterly dividend. The stock had an annualized dividend yield of approximately 4.2%, though its 125% payout ratio exceeded earnings.

BlackRock Inc. purchased a new position in Bassett Furniture Industries, Incorporated (NASDAQ:BSET - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 171,110 shares of the company's stock, valued at approximately $3,032,000. BlackRock Inc. owned about 1.98% of Bassett Furniture Industries as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BSET. Geode Capital Management LLC boosted its stake in Bassett Furniture Industries by 114.3% during the 2nd quarter. Geode Capital Management LLC now owns 190,182 shares of the company's stock worth $2,892,000 after acquiring an additional 101,448 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Bassett Furniture Industries in the second quarter valued at approximately $1,274,000. Kestra Private Wealth Services LLC acquired a new stake in Bassett Furniture Industries in the third quarter worth $597,000. Hsbc Holdings PLC acquired a new stake in Bassett Furniture Industries in the fourth quarter worth $465,000. Finally, Squarepoint Ops LLC bought a new position in shares of Bassett Furniture Industries during the third quarter worth $414,000. 54.40% of the stock is owned by institutional investors and hedge funds.

Bassett Furniture Industries Stock Performance

NASDAQ:BSET opened at $19.16 on Friday. The stock has a 50-day simple moving average of $19.66 and a 200 day simple moving average of $16.43. Bassett Furniture Industries, Incorporated has a 52-week low of $13.17 and a 52-week high of $22.26. The company has a market cap of $165.93 million, a PE ratio of 29.94, a PEG ratio of 1.35 and a beta of 0.77.

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

Bassett Furniture Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, August 14th. This represents a $0.80 annualized dividend and a yield of 4.2%. Bassett Furniture Industries's dividend payout ratio is presently 125.00%.

Wall Street Analyst Weigh In

A number of analysts recently commented on BSET shares. Zacks Research upgraded shares of Bassett Furniture Industries from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded Bassett Furniture Industries from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. Finally, Weiss Ratings upgraded Bassett Furniture Industries from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy".

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.