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BASSETT, Va. - Bassett Furniture Industries, Inc. (NASDAQ:BSET), a prominent home furnishings manufacturer and marketer, has announced an increase in its quarterly dividend. Shareholders can expect to receive $0.20 per share, which is an 11% hike from the previous dividend. The upcoming dividend is scheduled to be paid on August 30, 2024, to shareholders who are on record as of August 16, 2024.
This decision by Bassett's Board of Directors reflects a positive step for the company, known for its high-quality furniture and extensive retail network. With 88 stores, both company-owned and licensed, Bassett Furniture has established a significant presence in the furniture industry. The company's retail strategy focuses on offering a friendly environment for consumers to purchase furniture and home accessories, including custom-built pieces that align with current design trends. Additionally, Bassett provides complimentary in-home design consultations to facilitate coordinated decorating.
Apart from its retail operations, Bassett Furniture also conducts a traditional wholesale business, servicing over 700 accounts across the United States. This dual approach in retail and wholesale segments has helped the company to maintain a strong market position.
InvestingPro Insights
Bassett Furniture Industries' recent announcement of a dividend increase is a testament to the company's commitment to shareholder value. In light of this, certain metrics from InvestingPro provide further insight into the company's financial standing and future prospects.
InvestingPro Data reveals a dividend yield of 5.43% as of the latest data, which is quite significant in the current market environment. This aligns with the InvestingPro Tip that Bassett Furniture pays a noteworthy dividend to shareholders and has maintained these payments for 14 consecutive years. This consistent dividend history is an important factor for income-focused investors.
The company's market capitalization sits at 116.27M USD, reflecting its position in the market. Despite recent volatility, with the stock price trading near its 52-week low, analysts on InvestingPro predict the company will be profitable this year, which could be a catalyst for future growth and stability.
For those interested in a deeper analysis, there are additional InvestingPro Tips available that could provide more comprehensive guidance on Bassett Furniture's financial health and stock performance. Subscribers to InvestingPro can access these tips and use the promo code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
In summary, while the dividend increase is a positive signal, potential investors should also consider the company's recent performance, including a P/E ratio of -20.23 and a PEG ratio of 0.18, which suggest that the market has expectations of future growth relative to earnings. These factors combined with the company's strong dividend history could make Bassett Furniture an interesting prospect for those looking to add a furniture industry player to their portfolios.
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