HOUSTON - Carriage Services, Inc. (NYSE: NYSE:CSV), a prominent funeral and cemetery service provider, has announced the declaration of a quarterly dividend. The company's Board of Directors confirmed on Thursday that shareholders will receive a dividend of 11.25 cents per share. This dividend is scheduled for payment on June 3, 2024, to shareholders of record as of May 6, 2024.
The company, which operates across the United States, manages 165 funeral homes in 26 states and 31 cemeteries in 11 states. The declaration of this dividend reflects the company's ongoing commitment to providing value to its shareholders.
Dividends are a way for companies to distribute a portion of their earnings back to shareholders, and they can be an indicator of a company's financial health and stability. For investors, dividends can also serve as a source of regular income.
This announcement is based on a press release statement issued by Carriage Services, Inc. The company has not provided additional details on the financial metrics or future projections in this statement.
Investors holding shares of Carriage Services can expect the dividend to be credited to their accounts in early June, following the record date in early May. The company's stock is traded on the New York Stock Exchange under the ticker symbol CSV.
As a provider of essential services, Carriage Services' operations encompass a range of funeral and cemetery services and merchandise. The company's strategic positioning in the market allows it to serve numerous communities throughout the country.
This latest financial news from Carriage Services, Inc. will be of interest to current shareholders and potential investors who track dividend payments as part of their investment strategy. The company's commitment to maintaining a dividend payout amidst the dynamic economic landscape may be seen as a positive sign to the investment community.
InvestingPro Insights
As Carriage Services, Inc. (NYSE: CSV) announces its quarterly dividend, a look at the company's financial health through InvestingPro metrics and tips provides a deeper understanding of its current position.
With a market capitalization of $356.93 million USD and a price-to-earnings (P/E) ratio of 10.51, Carriage Services stands as a notable player in the funeral and cemetery service industry. The company's ability to maintain dividend payments for 14 consecutive years is a testament to its financial stability and commitment to shareholder value.
Investors might also find the company's revenue growth figures reassuring; with a 3.34% increase in revenue over the last twelve months as of Q4 2023, and a 5.24% quarterly revenue growth in Q1 2023, Carriage Services is showing a positive trajectory in its financial performance. Additionally, the gross profit margin of 36.2% during the same period highlights efficient operations and profitability.
Two notable InvestingPro Tips for potential investors include the observation that the company's short-term obligations exceed its liquid assets, which could be a point of consideration for risk assessment. On the flip side, analysts predict the company will be profitable this year, which aligns with the company's track record of profitability over the last twelve months.
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