Carriage Services, Inc. (NYSE:CSV) announced a quarterly dividend on Thursday, October 26th, Wall Street Journal reports. Shareholders of record on Monday, November 13th will be given a dividend of 0.075 per share on Friday, December 1st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, November 10th. This is an increase from Carriage Services’s previous quarterly dividend of $0.05.
Carriage Services has raised its dividend by an average of 14.5% per year over the last three years. Carriage Services has a payout ratio of 21.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Carriage Services to earn $1.80 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 16.7%.
Shares of Carriage Services (NYSE:CSV) traded down $0.15 during trading hours on Thursday, hitting $25.00. The company had a trading volume of 13,500 shares, compared to its average volume of 96,319. The company has a current ratio of 0.70, a quick ratio of 0.54 and a debt-to-equity ratio of 1.86. Carriage Services has a 52 week low of $23.15 and a 52 week high of $29.11. The company has a market cap of $408.56, a P/E ratio of 18.68, a PEG ratio of 1.22 and a beta of 0.96.
Carriage Services (NYSE:CSV) last released its quarterly earnings results on Wednesday, October 25th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.12). The company had revenue of $61.10 million during the quarter, compared to the consensus estimate of $62.86 million. Carriage Services had a net margin of 7.29% and a return on equity of 13.54%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 EPS. research analysts predict that Carriage Services will post 1.39 EPS for the current year.
Carriage Services announced that its board has authorized a stock repurchase plan on Wednesday, October 25th that authorizes the company to repurchase $15.00 million in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
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Several research firms recently weighed in on CSV. Zacks Investment Research upgraded shares of Carriage Services from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub cut shares of Carriage Services from a “hold” rating to a “sell” rating in a report on Friday, July 28th.
In related news, Director James Raymond Schenck purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The shares were acquired at an average price of $25.52 per share, for a total transaction of $25,520.00. Following the completion of the acquisition, the director now directly owns 5,061 shares in the company, valued at approximately $129,156.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Melvin C. Payne sold 100,000 shares of Carriage Services stock in a transaction on Friday, August 18th. The shares were sold at an average price of $23.85, for a total transaction of $2,385,000.00. Following the completion of the sale, the chief executive officer now owns 1,131,753 shares in the company, valued at approximately $26,992,309.05. The disclosure for this sale can be found here. Insiders own 13.40% of the company’s stock.
Carriage Services Company Profile
Carriage Services, Inc is a provider of death care services and merchandise in the United States. The Company operates in two business segments: Funeral Home Operations and Cemetery Operations. The Funeral Homes segment provides funeral services (traditional burial and cremation) and sells related merchandise, such as caskets and urns.
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