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

Bank of New York Mellon Corp increased its position in shares of Bassett Furniture Industries, Incorporated (NASDAQ:BSET) by 192.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 71,138 shares of the company’s stock after buying an additional 46,847 shares during the period. Bank of New York Mellon Corp owned 0.82% of Bassett Furniture Industries worth $1,085,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in BSET. Jane Street Group LLC acquired a new position in shares of Bassett Furniture Industries in the fourth quarter worth about $158,000. Aristides Capital LLC increased its stake in shares of Bassett Furniture Industries by 16.0% in the 4th quarter. Aristides Capital LLC now owns 43,111 shares of the company’s stock valued at $596,000 after purchasing an additional 5,935 shares in the last quarter. Finally, Gate City Capital Management LLC raised its holdings in Bassett Furniture Industries by 59.7% in the 4th quarter. Gate City Capital Management LLC now owns 147,527 shares of the company’s stock worth $2,040,000 after purchasing an additional 55,130 shares during the period. 54.40% of the stock is owned by hedge funds and other institutional investors.

Bassett Furniture Industries Price Performance

Shares of NASDAQ:BSET opened at $15.82 on Friday. The business’s 50 day moving average price is $16.60 and its 200-day moving average price is $16.09. Bassett Furniture Industries, Incorporated has a 1 year low of $12.10 and a 1 year high of $19.75. The firm has a market capitalization of $137.48 million, a price-to-earnings ratio of 54.55, a price-to-earnings-growth ratio of 1.23 and a beta of 1.19.

Bassett Furniture Industries (NASDAQ:BSET) last posted its quarterly earnings data 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 net margin of 0.76% and a return on equity of 1.48%. The business had revenue of $84,348 billion for the quarter, compared to the consensus estimate of $82.03 million. During the same period last year, the firm posted ($0.19) earnings per share. On average, sell-side 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 disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 5.1%. The ex-dividend date is Friday, August 15th. Bassett Furniture Industries’s payout ratio is 275.86%.

Insider Buying and Selling

In other news, SVP John E. Bassett III sold 2,000 shares of the firm’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 value of $37,120.00. Following the transaction, the senior vice president owned 50,761 shares in the company, valued at $942,124.16. This trade represents a 3.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 7.30% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Bassett Furniture Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 12th.

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.