Carriage Services (NYSE:CSV) Reaches New 52-Week 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.

Carriage Services, Inc. (NYSE:CSV - Get Free Report) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $47.68 and last traded at $48.28, with a volume of 130949 shares traded. The stock had previously closed at $46.21.

The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.02. The company had revenue of $102.15 million for the quarter, compared to analyst estimates of $101.36 million. Carriage Services had a return on equity of 21.96% and a net margin of 11.50%.

Carriage Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 4th will be paid a dividend of $0.1125 per share. The ex-dividend date of this dividend is Monday, August 4th. This represents a $0.45 annualized dividend and a dividend yield of 0.9%. Carriage Services's payout ratio is 15.05%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Carriage Services from a "buy" rating to a "hold" rating in a research note on Friday, June 27th. Roth Mkm reiterated a "buy" rating and issued a $51.00 price objective (up from $48.00) on shares of Carriage Services in a report on Friday, May 2nd. Finally, Barrington Research restated an "outperform" rating and set a $50.00 target price on shares of Carriage Services in a report on Wednesday, July 30th.

Institutional Trading of Carriage Services

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC acquired a new position in shares of Carriage Services during the second quarter valued at about $1,603,000. Simplex Trading LLC grew its holdings in shares of Carriage Services by 408.7% during the 2nd quarter. Simplex Trading LLC now owns 1,526 shares of the company's stock valued at $69,000 after purchasing an additional 1,226 shares during the last quarter. R Squared Ltd bought a new stake in shares of Carriage Services in the 2nd quarter worth approximately $259,000. Sanders Morris Harris LLC purchased a new position in Carriage Services during the 2nd quarter valued at about $229,000. Finally, Axxcess Wealth Management LLC bought a new position in shares of Carriage Services in the second quarter worth approximately $1,476,000. Institutional investors own 66.46% of the company's stock.

Carriage Services Trading Up 4.3%

The stock has a market cap of $756.64 million, a P/E ratio of 16.14, a P/E/G ratio of 0.96 and a beta of 0.83. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.95 and a quick ratio of 0.80. The firm's 50 day moving average price is $45.33 and its 200-day moving average price is $41.81.

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.

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