Summit Global Investments Buys Shares of 19,300 Carriage Services, Inc. (CSV)
Summit Global Investments bought a new position in Carriage Services, Inc. (NYSE:CSV) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 19,300 shares of the company’s stock, valued at approximately $520,000. Summit Global Investments owned 0.12% of Carriage Services as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently added to or reduced their stakes in CSV. Legal & General Group Plc lifted its stake in shares of Carriage Services by 0.8% in the 1st quarter. Legal & General Group Plc now owns 4,044 shares of the company’s stock worth $110,000 after acquiring an additional 31 shares during the period. Baker Ellis Asset Management LLC lifted its stake in shares of Carriage Services by 2.5% in the 2nd quarter. Baker Ellis Asset Management LLC now owns 6,150 shares of the company’s stock worth $166,000 after acquiring an additional 150 shares during the period. Trexquant Investment LP acquired a new stake in shares of Carriage Services in the 2nd quarter worth $202,000. Alliancebernstein L.P. acquired a new stake in shares of Carriage Services in the 2nd quarter worth $229,000. Finally, Karp Capital Management Corp acquired a new stake in shares of Carriage Services in the 1st quarter worth $245,000. Institutional investors own 86.60% of the company’s stock.
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Shares of Carriage Services, Inc. (NYSE:CSV) opened at 23.88 on Wednesday. The firm has a market cap of $399.27 million, a PE ratio of 20.22 and a beta of 0.90. Carriage Services, Inc. has a 1-year low of $22.53 and a 1-year high of $29.11. The stock has a 50 day moving average of $24.47 and a 200 day moving average of $26.16.
Carriage Services (NYSE:CSV) last released its quarterly earnings results on Wednesday, July 26th. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.10). The firm had revenue of $63.87 million for the quarter, compared to the consensus estimate of $64.35 million. Carriage Services had a return on equity of 15.25% and a net margin of 8.35%. The firm’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.37 EPS. Equities research analysts anticipate that Carriage Services, Inc. will post $1.62 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, August 14th were given a dividend of $0.05 per share. The ex-dividend date was Thursday, August 10th. This represents a $0.20 annualized dividend and a dividend yield of 0.84%. Carriage Services’s dividend payout ratio is currently 16.95%.
Several research firms have recently commented on CSV. Jefferies Group LLC restated a “hold” rating and issued a $82.00 target price on shares of Carriage Services in a research note on Monday, June 12th. Zacks Investment Research cut shares of Carriage Services from a “hold” rating to a “strong sell” rating in a research note on Monday, July 31st. Finally, BidaskClub cut shares of Carriage Services from a “hold” rating to a “sell” rating in a research note on Friday, July 28th.
In other news, CEO Melvin C. Payne sold 100,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,131,753 shares in the company, valued at $26,992,309.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.40% of the stock is currently owned by corporate insiders.
About Carriage Services
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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