Raymond James Financial Upgrades Carriage Services (NYSE:CSV) to "Moderate Buy"

Key Points

• Raymond James Financial has upgraded Carriage Services to a "moderate buy" rating, reflecting positive sentiment in the stock.
• Carriage Services reported earnings of $0.74 per share for the last quarter, exceeding analysts' expectations of $0.72, with revenue also surpassing predictions.
• The stock currently holds a consensus rating of "Buy" with an average price target of $59.00, indicating strong interest from multiple analysts.

Carriage Services (NYSE:CSV - Get Free Report) was upgraded by equities research analysts at Raymond James Financial to a "moderate buy" rating in a report released on Wednesday,Zacks.com reports.

A number of other research firms also recently issued reports on CSV. Wall Street Zen downgraded shares of Carriage Services from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Zacks Research raised shares of Carriage Services to a "strong-buy" rating in a research note on Monday, August 11th. Barrington Research reissued an "outperform" rating and set a $60.00 target price on shares of Carriage Services in a report on Wednesday, September 10th. Finally, B. Riley reissued 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, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat, Carriage Services currently has a consensus rating of "Buy" and an average price target of $59.00.

Carriage Services Stock Up 5.8%

NYSE:CSV opened at $46.93 on Wednesday. The company has a market cap of $736.83 million, a PE ratio of 14.09, a P/E/G ratio of 0.91 and a beta of 0.86. Carriage Services has a twelve month low of $30.15 and a twelve month high of $49.41. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.72. The company's 50 day moving average is $44.79 and its two-hundred day moving average is $43.09.

Carriage Services (NYSE:CSV - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.02. The business had revenue of $102.15 million during the quarter, compared to analysts' expectations of $101.36 million. Carriage Services had a net margin of 12.85% and a return on equity of 21.63%. Analysts anticipate that Carriage Services will post 2.5 EPS for the current year.

Insider Activity at Carriage Services

In other news, VP Shane Pudenz sold 13,027 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $44.36, for a total transaction of $577,877.72. Following the sale, the vice president owned 14,930 shares of the company's stock, valued at approximately $662,294.80. This trade represents a 46.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Carriage Services

Hedge funds and other institutional investors have recently bought and sold shares of the stock. New York State Teachers Retirement System acquired a new position in Carriage Services in the first quarter valued at $48,000. MQS Management LLC purchased a new stake in shares of Carriage Services in the 1st quarter valued at about $621,000. LSV Asset Management boosted its position in shares of Carriage Services by 9.7% in the 1st quarter. LSV Asset Management now owns 648,417 shares of the company's stock valued at $25,126,000 after purchasing an additional 57,500 shares during the period. LPL Financial LLC grew its stake in Carriage Services by 120.2% during the 1st 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, Maven Securities LTD acquired a new position in Carriage Services during the first quarter worth approximately $1,484,000. 66.46% of the stock is currently owned by institutional investors and hedge funds.

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.

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