Bassett Furniture Industries (NASDAQ:) Announces 11% Dividend Increase
BASSETT, Va. - Bassett Furniture Industries, Inc., a leading home furnishings manufacturer and marketer, has declared a rise in its quarterly dividend. Shareholders will now receive $0.20 per share, representing an 11% increase from the previous dividend payout. The upcoming dividend is set to be distributed on August 30, 2024, to shareholders listed as of August 16, 2024.
This move by Bassett's Board of Directors showcases a positive outlook for the company, renowned for its premium furniture offerings and expansive retail network. With 88 stores, both company-owned and licensed, Bassett Furniture has established a strong presence in the furniture industry. The company's retail strategy focuses on creating a welcoming environment for customers to shop for furniture and home accessories, including custom-made pieces that align with current design trends. Moreover, Bassett offers complimentary in-home design consultations to aid in cohesive decorating.
In addition to its retail endeavors, Bassett Furniture also operates a traditional wholesale business, serving over 700 accounts nationwide. This dual approach in retail and wholesale segments has enabled the company to maintain a robust market position.
InvestingPro Insights:
InvestingPro Data reveals a dividend yield of 5.43%, emphasizing Bassett Furniture Industries' commitment to shareholder value. The company has a solid track record of paying dividends for 14 consecutive years, making it an appealing option for income-focused investors. Despite recent stock price volatility and trading near its 52-week low, analysts on InvestingPro forecast profitability for the company this year, indicating potential for growth and stability.
For a more detailed analysis, InvestingPro offers additional tips that can provide comprehensive guidance on Bassett Furniture's financial health and stock performance. Subscribers can use the promo code PRONEWS24 to avail up to 10% off on yearly Pro and Pro+ subscriptions.
In conclusion, while the dividend increase is a positive indicator, potential investors should also consider factors like the company's recent performance, a P/E ratio of -20.23, and a PEG ratio of 0.18. These metrics suggest market expectations of future growth relative to earnings, combined with Bassett Furniture's strong dividend history, making it an intriguing prospect for those seeking exposure to the furniture industry.
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