Bassett Furniture Industries announced on March 9, 2023 that its board of directors has declared a regular quarterly dividend of $0.16 per share ($0.64 annualized). Previously, the company paid him $0.16 per share.
Shares must be purchased before the May 11, 2023 ex-date to be eligible for the dividend. Shareholders of record on May 12, 2023 will receive payment on May 26, 2023.
At a current stock price of $18.46/share, the stock’s dividend yield is 3.47%. Sampled weekly over the five-year period, the average dividend yield was 3.32%, with a low of 1.41% and a high of 10.71%. The standard deviation of yield is 1.47 (n=237).
The current dividend yield is 0.10 standard deviations above the historical average.
The company’s dividend payout ratio is 0.09. The payout ratio indicates how much of a company’s profits is paid out as dividends. A payout ratio of 1 (1.0) means that 100% of the company’s income is paid out as dividends. A payout ratio above 1 means the company is steeped in savings to sustain its dividend. This is not a healthy situation. Companies with little growth prospects are expected to pay out the majority of their income in dividends. This usually means a payout ratio of 0.5 to 1.0. Companies with good growth prospects are expected to retain some profits to invest in those growth prospects. This translates to a payout ratio of zero to 0.5.
The company’s three-year dividend growth rate is 0.28%, indicating that it has been increasing its dividend for a long time.
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Analyst price forecast suggests a 68.53% gain
As of March 10, 2023, Bassett Furniture Industries’ average price target for the year is $31.11. Predictions range from as low as $29.29 to as high as $33.60. The average price target represents a 68.53% increase from the latest reported closing price of $18.46.
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Bassett Furniture Industries has projected annual revenue of $466 million, down 4.12%. Projected annual non-GAAP EPS is $2.14.
What is Fund Sentiment?
There are 152 funds or institutions reporting positions in Bassett Furniture Industries. This is a decrease of 45 owners or 22.84% from the previous quarter.Portfolio average weight of all funds 0.09% dedicated to BSET, an increase of 47.93%. The total number of shares owned by institutional investors fell by 4.07% to 6,443,000 shares over the past three months. The BSET put/call ratio is 0.90, indicating a bullish outlook.
What do major shareholders do?
Gamco Investors, Inc. Et Al holds 588,000 shares representing a 6.57% ownership interest in the company. In previous filings, the company reported that it owned 594,000 of his shares.
Portfolio allocation on BSET increased by 0.29% last quarter.
Renaissance Technologies owns 408,000 shares representing a 4.55% ownership interest in the company. In previous filings, the company reported he owned 407,000 shares.
Portfolio allocation on the BSET increased 7.25% last quarter.
EQ ADVISORS TRUST – 1290 VT GAMCO Small Company Value Portfolio Class IA holds 380,000 shares representing a 4.25% ownership interest in the company. No change from the previous quarter.
Acadian Asset Management holds 367,000 shares representing a 4.10% ownership interest in the company. In previous filings, the company reported that it owned 345,000 of his shares.
Portfolio allocation on BSET increased by 6.16% last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 316,000 shares representing a 3.54% ownership interest in the company. In previous filings, the company reported that it owned 265,000 of his shares.
Portfolio allocation on BSET increased by 22.45% last quarter.
Background Information for Basset Furniture Industries
(This description is provided by the company.)
Bassett Furniture Industries, Inc. is a leading manufacturer and marketer of quality home furnishings. With 97 company-owned and licensee-owned stores at the time of this release, Bassett joins a network of corporate and licensed stores focused on providing consumers with a friendly environment for purchasing furniture and accessories. Leveraging the strong brand name of Bassett’s retail strategy includes stylish bespoke furniture featuring the latest trendy furniture styles, complimentary interior design visits and coordinated decorative accessories. Bassett also has a traditional wholesale business with over 700 customers in the U.S. and international markets, as well as a logistics business that specializes in home furnishings.
This story was originally published in Fintel.
The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.