Carriage Services (NYSE:CSV) Reaches New 1-Year High on Better-Than-Expected Earnings

Key Points

• Carriage Services reached a new 52-week high of $48.28 following a quarterly earnings report that surpassed expectations, with earnings per share (EPS) of $0.74 compared to the consensus estimate of $0.72.
• The company declared a quarterly dividend of $0.1125 per share, which will be paid on September 2nd, representing an annualized dividend of $0.45 and a yield of 0.9%.
• Despite the positive earnings report, several analysts have adjusted their ratings, with Wall Street Zen downgrading to "hold" and other firms maintaining a "buy" rating with target prices ranging from $50 to $51.

Shares of Carriage Services, Inc. (NYSE:CSV - Get Free Report) reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $47.68 and last traded at $48.28, with a volume of 130949 shares trading hands. The stock had previously closed at $46.21.

The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.72 by $0.02. The firm had revenue of $102.15 million for the quarter, compared to the consensus estimate of $101.36 million. Carriage Services had a net margin of 12.85% and a return on equity of 21.63%.

Carriage Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 4th will be issued a dividend of $0.1125 per share. This represents a $0.45 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Monday, August 4th. Carriage Services's dividend payout ratio is presently 13.51%.

Analyst Ratings Changes

A number of analysts have recently issued reports on CSV shares. Barrington Research lifted their price target on Carriage Services from $50.00 to $60.00 and gave the company an "outperform" rating in a research report on Thursday. Roth Mkm reaffirmed a "buy" rating and issued a $51.00 price target (up previously from $48.00) on shares of Carriage Services in a research report on Friday, May 2nd. B. Riley restated a "buy" rating and issued a $65.00 price target (up from $52.00) on shares of Carriage Services in a research note on Friday. Finally, Wall Street Zen downgraded Carriage Services from a "buy" rating to a "hold" rating in a report on Friday, June 27th.

Hedge Funds Weigh In On Carriage Services

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nuveen LLC acquired a new stake in Carriage Services in the first quarter valued at $4,157,000. Punch & Associates Investment Management Inc. acquired a new stake in shares of Carriage Services during the first quarter worth about $3,546,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Carriage Services during the fourth quarter worth about $3,566,000. LPL Financial LLC grew its holdings in shares of Carriage Services by 120.2% during the first quarter. LPL Financial LLC now owns 135,893 shares of the company's stock worth $5,266,000 after buying an additional 74,193 shares during the last quarter. Finally, De Lisle Partners LLP grew its holdings in shares of Carriage Services by 48.4% during the first quarter. De Lisle Partners LLP now owns 184,101 shares of the company's stock worth $7,148,000 after buying an additional 60,030 shares during the last quarter. Institutional investors and hedge funds own 66.46% of the company's stock.

Carriage Services Stock Performance

The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.72. The stock has a fifty day moving average of $45.60 and a 200-day moving average of $42.00. The stock has a market cap of $745.82 million, a PE ratio of 14.27, a price-to-earnings-growth ratio of 0.98 and a beta of 0.83.

About Carriage Services

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.