Teachers Advisors LLC Purchases 5,228 Shares of Carriage Services, Inc. (CSV)
Teachers Advisors LLC increased its position in Carriage Services, Inc. (NYSE:CSV) by 15.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,724 shares of the company’s stock after purchasing an additional 5,228 shares during the period. Teachers Advisors LLC owned approximately 0.23% of Carriage Services worth $1,044,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Legal & General Group Plc lifted its holdings 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 purchasing an additional 31 shares in the last quarter. Baker Ellis Asset Management LLC lifted its holdings 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 purchasing an additional 150 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Carriage Services in the 2nd quarter worth $202,000. Alliancebernstein L.P. bought a new position in shares of Carriage Services in the 2nd quarter worth $229,000. Finally, Karp Capital Management Corp bought a new position in shares of Carriage Services in the 1st quarter worth $245,000. Institutional investors own 86.78% of the company’s stock.
In related news, CEO Melvin C. Payne sold 100,000 shares of Carriage Services stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $23.85, for a total transaction of $2,385,000.00. Following the sale, the chief executive officer now directly owns 1,131,753 shares in the company, valued at $26,992,309.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Raymond Schenck purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were purchased at an average price of $25.52 per share, for a total transaction of $25,520.00. Following the completion of the transaction, the director now directly owns 5,061 shares of the company’s stock, valued at $129,156.72. The disclosure for this purchase can be found here. Insiders own 13.40% of the company’s stock.
Carriage Services (NYSE:CSV) last posted its earnings results on Wednesday, October 25th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.12). Carriage Services had a net margin of 7.29% and a return on equity of 13.54%. The business had revenue of $61.10 million for the quarter, compared to analysts’ expectations of $62.86 million. During the same period last year, the firm posted $0.43 earnings per share. Carriage Services’s quarterly revenue was up 1.7% on a year-over-year basis.
Carriage Services announced that its board has approved a stock buyback program on Wednesday, October 25th that authorizes the company to repurchase $15.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Monday, November 13th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, November 10th. This is a positive change from Carriage Services’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 1.16%. Carriage Services’s payout ratio is currently 19.61%.
A number of brokerages recently issued reports on CSV. Zacks Investment Research upgraded Carriage Services from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub cut Carriage Services from a “hold” rating to a “sell” rating in a report on Friday, July 28th.
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Carriage Services Profile
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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