Carriage Services (NYSE:CSV) to Buyback $15.00 million in Outstanding Shares

Carriage Services (NYSE:CSV) announced that its board has approved a share buyback program, which permits the company to buyback $15.00 million in outstanding shares on Wednesday, October 25th, EventVestor reports. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Shares of Carriage Services (NYSE:CSV) traded down $0.14 on Friday, reaching $24.89. The company’s stock had a trading volume of 55,200 shares, compared to its average volume of 97,434. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.70 and a quick ratio of 0.54. The firm has a market cap of $402.61, a P/E ratio of 18.40, a PEG ratio of 1.20 and a beta of 0.96. Carriage Services has a 52 week low of $23.15 and a 52 week high of $29.11.

Carriage Services (NYSE:CSV) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.12). Carriage Services had a net margin of 7.29% and a return on equity of 13.54%. The business had revenue of $61.10 million during the quarter, compared to analyst estimates of $62.86 million. During the same quarter last year, the firm posted $0.43 earnings per share. The company’s revenue was up 1.7% on a year-over-year basis. research analysts anticipate that Carriage Services will post 1.39 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, November 13th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, November 10th. This is a boost from Carriage Services’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 1.21%. Carriage Services’s payout ratio is currently 19.61%.

A number of equities analysts recently issued reports on CSV shares. Zacks Investment Research raised Carriage Services from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub downgraded shares of Carriage Services from a “hold” rating to a “sell” rating in a research report on Friday, July 28th.

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In related news, CEO Melvin C. Payne sold 100,000 shares of the company’s 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 directly owns 1,131,753 shares of the company’s stock, valued at approximately $26,992,309.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Raymond Schenck purchased 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were acquired at an average cost of $25.52 per share, with a total value of $25,520.00. Following the completion of the transaction, the director now owns 5,061 shares in the company, valued at approximately $129,156.72. The disclosure for this purchase can be found here. 13.40% of the stock is owned by insiders.

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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