Carriage Services (NYSE:CSV) Releases Quarterly Earnings Results

Key Points

• Carriage Services reported quarterly earnings of $0.74 per share, exceeding analysts' expectations of $0.72, with revenue totaling $102.15 million.
• The company declared a quarterly dividend of $0.1125 per share, resulting in an annualized dividend yield of 0.9%.
• Several analysts have recently upgraded their ratings on Carriage Services, with Barrington Research increasing their price target to $60.00 and B. Riley raising it to $65.00.

Carriage Services (NYSE:CSV - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.02, Zacks reports. Carriage Services had a net margin of 12.85% and a return on equity of 21.63%. The company had revenue of $102.15 million during the quarter, compared to analyst estimates of $101.36 million.

Carriage Services Price Performance

CSV traded up $1.10 during midday trading on Tuesday, hitting $48.59. The company had a trading volume of 63,820 shares, compared to its average volume of 113,705. Carriage Services has a twelve month low of $29.56 and a twelve month high of $49.41. The firm's 50-day simple moving average is $45.60 and its 200-day simple moving average is $42.00. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.90 and a current ratio of 1.06. The company has a market capitalization of $762.30 million, a PE ratio of 14.60, a P/E/G ratio of 0.98 and a beta of 0.83.

Carriage Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 4th will be given a $0.1125 dividend. This represents a $0.45 annualized dividend and a yield of 0.9%. The ex-dividend date is Monday, August 4th. Carriage Services's dividend payout ratio (DPR) is presently 13.51%.

Analyst Ratings Changes

CSV has been the subject of several recent research reports. Barrington Research increased their target price on shares of Carriage Services from $50.00 to $60.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Roth Mkm reiterated a "buy" rating and issued a $51.00 target price (up from $48.00) on shares of Carriage Services in a research note on Friday, May 2nd. Wall Street Zen downgraded shares of Carriage Services from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Finally, B. Riley restated a "buy" rating and set a $65.00 price target (up previously from $52.00) on shares of Carriage Services in a research note on Friday.

Institutional Investors Weigh In On Carriage Services

Institutional investors have recently modified their holdings of the business. Jane Street Group LLC acquired a new position in Carriage Services during the first quarter valued at approximately $689,000. Creative Planning bought a new stake in shares of Carriage Services in the second quarter worth $200,000. Rhumbline Advisers lifted its position in shares of Carriage Services by 8.2% in the second quarter. Rhumbline Advisers now owns 21,856 shares of the company's stock worth $1,000,000 after purchasing an additional 1,654 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in Carriage Services by 1,736.0% during the first quarter. Jones Financial Companies Lllp now owns 918 shares of the company's stock worth $36,000 after buying an additional 868 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Carriage Services by 4.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,090 shares of the company's stock worth $313,000 after buying an additional 312 shares during the last quarter. Institutional investors and hedge funds own 66.46% of the company's stock.

Carriage Services Company Profile

Carriage Services, Inc provides funeral and cemetery services, and merchandise in the United States. It operates in two segments, Funeral Home Operations and Cemetery Operations. The Funeral Home Operations segment provides consultation services; funeral home facilities for visitation and memorial services; transportation services; removal and preparation of remains; sale of caskets and urns; cremation services; and related funeral merchandise.