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Carriage Services buys 100K shares from CEO/Chairman

Aug. 21, 2017 7:03 PM ETCarriage Services, Inc. (CSV) StockBy: Jason Aycock, SA News Editor
  • Carriage Services (CSV -0.2%) has bought back shares from its chief executive in a private deal.
  • The company repurchased 100,000 shares of common stock from CEO/Chairman Melvin Payne, at $23.85/share -- the market price of the stock at the time of the transaction.
  • "After almost seventy-five years and with all of my 'net worth eggs' in my Carriage shareholdings, last year I began to diversify into other securities with a bias toward recurring income" and used a margin line of credit to do so, Payne says.
  • The saleback reduces that line of credit substantially, he says.
  • Shares sold made up about 6% of his total CSV holdings.

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