Carriage Services Gains 5%, Company Announces New Share Buyback Plan

Shares of Carriage Services, Inc. CSV, a provider of death care services and merchandise, were trading higher by more than 5 percent on Thursday after the company announced a new share buyback program.

Carriage Services' Board of Directors authorized a share buyback purchase in which it can acquire up to $25 million of its common stock. The share buyback program follows a previous $45 million share buyback program which was completed last year.

The company's Board of Directors noted that its decision reflects its "continuing confidence in the Company's vision, strategy, growth opportunities and financial strength."

The company's board also cited its view that Carriage Services' stock price is mismatched with its intrinsic value and purchasing stock is a "wise allocation" of the company's capital and can enhance the long term value for shareholders.