In a recent filing with the Securities and Exchange Commission, Shawn R. Phillips, Senior Vice President and Regional Partner at Carriage Services Inc . (NYSE:CSV), disclosed a series of transactions involving the company's common stock. On November 21, Phillips sold 5,028 shares at a weighted average price of $38.96, totaling approximately $195,890.
Additionally, Phillips exercised stock options to acquire a total of 25,968 shares. These options were exercised at prices ranging from $20.06 to $26.54 per share, resulting in a total transaction value of $657,074. Following these transactions, Phillips holds 83,083 shares directly.
In other recent news, Carriage Services Inc. reported an impressive financial performance for the third quarter of 2024, with total revenue reaching $100.7 million, an 11.3% increase from the previous year. This marks the third consecutive quarter with revenue surpassing $100 million, primarily driven by a 27.1% surge in preneed cemetery sales and a strategic pricing approach that boosted funeral home operating revenue by 1.4%. The company also raised its full-year financial guidance, projecting revenue between $395 million and $405 million.
Another major development is the company's update to its Code of Business Conduct and Ethics. The Board of Directors approved amendments that encompass all company directors, officers, and employees, reflecting Carriage Services' commitment to ethical business practices and regulatory compliance. These amendments include technical and administrative updates and enhanced compliance requirements, addressing policies related to suppliers, vendors, environmental concerns, and issues of discrimination, retaliation, and harassment.
In other company news, Carriage Services is actively searching for a new CFO and anticipates a year-end leverage ratio between 4.3x and 4.6x. The company maintains a positive outlook for preneed cemetery sales and funeral home operations heading into 2025. These are the recent developments at Carriage Services, indicating a focus on disciplined capital allocation, strategic growth, and ethical business conduct.
InvestingPro Insights
The recent insider transactions at Carriage Services Inc. (NYSE:CSV) come at a time when the company's stock is showing strong performance. According to InvestingPro data, CSV has seen a remarkable 75.36% price total return over the past year, with a 47.73% return in just the last six months. This aligns with an InvestingPro Tip indicating that the stock is trading near its 52-week high, currently at 99.56% of that peak.
The company's financial health appears robust, with a market capitalization of $618.97 million and a revenue of $405.33 million over the last twelve months as of Q3 2024. Carriage Services boasts a solid operating income margin of 21.43%, suggesting efficient management of operations.
An InvestingPro Tip highlights that CSV has maintained dividend payments for 14 consecutive years, which may be attractive to income-focused investors. The current dividend yield stands at 1.15%, as of the most recent data.
It's worth noting that while the stock's performance has been strong, another InvestingPro Tip suggests that CSV is trading at a high P/E ratio relative to near-term earnings growth. This could be a consideration for value-oriented investors analyzing the stock's current valuation.
For readers interested in a more comprehensive analysis, InvestingPro offers additional tips and insights beyond what's covered here. In fact, there are 11 more InvestingPro Tips available for Carriage Services, providing a deeper dive into the company's financial position and market performance.
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