Carriage Services (NYSE:CSV) Hits New 52-Week Low Following Weak Earnings

Shares of Carriage Services, Inc. (NYSE:CSV) reached a new 52-week low during trading 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 traded. The stock had previously closed at $35.98.

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

Carriage Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors 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 is 16.13%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. lifted its stake in shares of Carriage Services by 50.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 784 shares of the company’s stock valued at $36,000 after acquiring an additional 264 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Carriage Services by 3.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 9,939 shares of the company’s stock valued at $454,000 after acquiring an additional 321 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Carriage Services by 0.8% during the 1st quarter. First Trust Advisors LP now owns 50,199 shares of the company’s stock valued at $2,292,000 after acquiring an additional 422 shares in the last quarter. Optiver Holding B.V. grew its position in Carriage Services by 2,195.1% during the 1st quarter. Optiver Holding B.V. now owns 941 shares of the company’s stock worth $43,000 after acquiring an additional 900 shares during the last quarter. Finally, North Star Investment Management Corp. grew its position in Carriage Services by 2.5% during the 3rd quarter. North Star Investment Management Corp. now owns 41,000 shares of the company’s stock worth $1,278,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 66.46% of the company’s stock.

Carriage Services Price Performance

The firm has a market cap of $449.20 million, a P/E ratio of 9.63, a price-to-earnings-growth ratio of 0.72 and a beta of 0.72. The company has a current ratio of 1.46, a quick ratio of 1.29 and a debt-to-equity ratio of 1.92. The business has a 50-day moving average of $33.49 and a two-hundred day moving average of $39.85.

Carriage Services Company Profile

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.