New York, NY — For the fourth consecutive quarter, Bassett Furniture Industries Inc. (NASDAQ:BSET) has elected to raise its dividend to shareholders.
On Thursday, the home furnishings manufacturer declared a payout of $0.10 per share, to be paid on August 26 to stockholders of record as of August 12. The new payout represents an 11.1% increase from the prior dividend of $0.09 per share. Following the announcement, Bassett shares closed the trading session up 0.3%. (Source: “Bassett Announces Board Appointment & Increases Quarterly Dividend,” Bassett Furniture Industries Investor Relations, July 14, 2016.)
According to the firm’s investor presentation, the payment will represent Bassett’s 22nd consecutive quarterly distribution. With the modest payout hike, the company’s payout will increase to $0.04 per share annually, which yields 1.5% based on Bassett’s closing stock price of $26.93.