HOUSTON - Carriage Services, Inc. (NYSE: NYSE:CSV), a prominent provider of funeral and cemetery services in the United States, announced today that its Board of Directors has declared a quarterly dividend. Shareholders of record as of August 5, 2024, will receive a dividend of 11.25 cents per share, payable on September 3, 2024.
The company, which operates 164 funeral homes across 26 states and 31 cemeteries in 11 states, has a history of providing these essential services. The declaration of the dividend reflects the ongoing financial practices of Carriage Services as it continues to serve a broad market in the funeral sector.
The announcement of the dividend payment is a routine aspect of the company's shareholder relations and is based on the current financial health and outlook of the business. Dividends are typically paid to provide shareholders with a return on their investment, dependent on the company's earnings and financial stability.
This financial event is significant for investors and market watchers who track the performance and policies of publicly traded companies like Carriage Services. Dividends are often seen as a sign of a company's confidence in its current and future financial position.
The information regarding the dividend declaration is based on a press release statement from Carriage Services, Inc. It is standard for companies to announce such financial decisions to keep their investors and the public informed. This announcement does not necessarily reflect broader market trends or indicate a particular strategic direction for the company beyond its commitment to shareholder returns.
Investors interested in the specifics of the dividend distribution, including the record and payment dates, should note the key details provided to ensure they meet the eligibility criteria for receiving the dividend. The company has not disclosed any further details about its financial strategies or potential future dividends.
Carriage Services' choice to communicate this dividend is part of its regular financial disclosures, designed to maintain transparency with its investors and comply with the regulations of the New York Stock Exchange, where its shares are traded.
In other recent news, Carriage Services Inc . reported a significant milestone in Q1 2024, surpassing $100M in revenue for the first time in a single quarter. The company's total revenues reached $103.5 million, an 8.4% increase year-over-year, largely driven by the preneed cemetery team's performance and the successful integration of the recently acquired Greenland. Additionally, Carriage Services reduced its debt by $25 million, maintaining its full-year guidance for 2024.
Despite a volume decline in March, strategic pricing and cost efficiency initiatives, along with potential real estate monetization, are expected to contribute to sustained growth. The company's 2024 outlook, which includes revenue expectations between $380 million to $390 million and adjusted EBITDA between $112 million to $118 million, remains unchanged.
Management also discussed their disciplined approach to capital allocation and ongoing efforts to enhance their finance and accounting organization. They are considering monetizing valuable real estate assets and are in ongoing conversations about potential acquisitions. These recent developments highlight Carriage Services' commitment to strategic initiatives and a disciplined approach to capital allocation.
InvestingPro Insights
As Carriage Services, Inc. (NYSE: CSV) continues its tradition of rewarding shareholders with quarterly dividends, a closer look at the company's financial metrics provides a clearer picture of its current standing. With a market capitalization of $441.62 million and a Price/Earnings (P/E) ratio that stands at 13.88, the company demonstrates a valuation that suggests investor confidence in its earnings capacity. This is further substantiated by the adjusted P/E ratio for the last twelve months as of Q1 2024, which is slightly lower at 13.46, indicating stable earnings during this period.
The company's solid performance is also reflected in its share price movements. Over the last six months, Carriage Services has seen a large price uptick of 25.06%, and an impressive short-term return of 9.67% over the past week alone. This trend aligns with the InvestingPro Tips highlighting a significant return over the last week and a strong return over the last three months, with a 24.13% increase in that period. These returns signal robust investor sentiment and a potentially favorable outlook for the company.
Moreover, Carriage Services has maintained its dividend payments for 14 consecutive years, which is a testament to its financial health and commitment to shareholder returns. The current dividend yield stands at 1.56%, with the most recent dividend ex-date recorded on May 3, 2024. This consistent dividend history is a key aspect for income-focused investors.
For those seeking deeper insights, InvestingPro features additional tips that can guide investment decisions. With a total of 8 InvestingPro Tips available for Carriage Services, investors can explore further analytical perspectives. To access these valuable tips and more detailed analytics, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
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