Carriage Services (NYSE:CSV) Reaches New 1-Year Low After Earnings Miss

Shares of Carriage Services, Inc. (NYSE:CSV) hit a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $27.68 and last traded at $28.3050, with a volume of 747,092 shares changing hands. The stock had previously closed at $35.98.

The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.20). The company had revenue of $100.26 million for the quarter, compared to analyst estimates of $109.47 million. Carriage Services had a return on equity of 17.81% and a net margin of 11.31%.

Carriage Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 2nd will be paid a $0.1125 dividend. The ex-dividend date is Monday, November 2nd. This represents a $0.45 annualized dividend and a dividend yield of 1.6%. Carriage Services’s dividend payout ratio (DPR) is currently 16.13%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings lowered shares of Carriage Services from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, August 19th. Raymond James Financial set a $50.00 price objective on shares of Carriage Services in a research note on Friday, August 7th. Zacks Research cut shares of Carriage Services from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 11th. Roth Capital set a $42.00 target price on shares of Carriage Services in a research report on Friday, October 2nd. Finally, Oppenheimer began coverage on shares of Carriage Services in a report on Thursday, August 13th. They issued an “outperform” rating and a $48.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Carriage Services presently has a consensus rating of “Hold” and an average target price of $50.00.

Institutional Trading of Carriage Services

Several hedge funds have recently made changes to their positions in CSV. BlackRock Inc. bought a new position in Carriage Services during the second quarter worth about $42,164,000. Dimensional Fund Advisors LP raised its position in shares of Carriage Services by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 610,346 shares of the company’s stock valued at $27,867,000 after purchasing an additional 3,520 shares during the period. Polar Asset Management Partners Inc. bought a new stake in shares of Carriage Services in the second quarter valued at approximately $12,505,000. Punch & Associates Investment Management Inc. raised its position in shares of Carriage Services by 6.9% in the first quarter. Punch & Associates Investment Management Inc. now owns 263,750 shares of the company’s stock valued at $12,043,000 after purchasing an additional 17,051 shares during the period. Finally, De Lisle Partners LLP purchased a new stake in shares of Carriage Services during the 2nd quarter valued at approximately $9,191,000. 66.46% of the stock is currently owned by institutional investors.

Carriage Services Stock Down 21.3%

The stock’s 50 day moving average is $33.49 and its 200 day moving average is $39.85. The company has a market capitalization of $449.20 million, a PE ratio of 9.63, a PEG ratio of 0.72 and a beta of 0.72. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.29 and a current ratio of 1.46.

About Carriage Services

Carriage Services, Inc is a provider of funeral and cemetery services in the United States. The company operates funeral homes and cemeteries that serve families through arrangements for traditional funerals, cremation services, memorial ceremonies and related merchandise.

Its cemetery operations provide interment and memorialization services, including burial plots, mausoleums, cremation niches and other cemetery products. Carriage Services also offers advance-planning and prearrangement services, allowing individuals and families to make funeral and cemetery arrangements before they are needed.

Founded in 1991 and headquartered in Houston, Texas, Carriage Services operates through a network of funeral homes and cemeteries across multiple U.S.