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Bassett Furniture (BSET) – Raises Quarterly Dividend by 14%

Retail and Consumer
0 min read

Friday, July 15, 2022

Bassett Furniture (BSET)
Raises Quarterly Dividend by 14%

Bassett Furniture Industries, Incorporated manufactures, markets, and retails home furnishings in the United States. The company operates in three segments: Wholesale, Retail, and Logistical Services. It is involved in the design, manufacture, sourcing, sale, and distribution of furniture products to a network of company-owned and licensee-owned Bassett Home Furnishings (BHF) retail stores, as well as independent furniture retailers; and wood and upholstery operations. As of September 16, 2017, the company operated a network of 91 company-and licensee-owned stores. It also provides shipping, delivery, and warehousing services to customers in the furniture industry. In addition, the company owns and leases retail store properties. It also distributes its products through other multi-line furniture stores, Bassett galleries or design centers, specialty stores, and mass merchants. Bassett Furniture Industries was founded in 1902 and is based in Bassett, Virginia.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Increased Dividend. As we expected, Bassett’s Board of Directors increased the quarterly dividend, raising the quarterly payout by 14% to $0.16 per share of common stock. The dividend increase is part of management’s goal of returning capital to shareholders. As we mentioned in our last report, the sale of Zenith and the strong operating results year-to-date have enabled Bassett to return excess capital to shareholders, including a one-time special dividend, share repurchases, and now an increased regular quarterly dividend.

Swimming Against the Tide. Since the June 30th release of fiscal second quarter earnings, BSET shares have risen 38.7%, compared to a 0.7% rise for the NASDAQ composite. The rise is being driven by the Company’s solid operating results, as well as the ongoing return of capital, in our opinion….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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