- 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.