HOUSTON - Service Corporation International (NYSE: SCI), a prominent North American deathcare service provider, declared today that its Board of Directors has sanctioned a quarterly cash dividend. The dividend of thirty cents per share of common stock is scheduled for payment on June 28, 2024, to shareholders on record as of June 14, 2024.
The company, which operates under the Dignity Memorial® brand among others, emphasized that while it aims to continue issuing regular quarterly dividends, the actual declaration of future dividends will be subject to the Board's quarterly assessment of the company's financial health. The forward-looking statements in the announcement reflect the company's expectations but are not guarantees of future performance.
Service Corporation International cautioned that numerous factors could influence the actual results and the potential declaration of dividends in the future. These factors include, but are not limited to, limitations on dividend payments under financial agreements, tax law changes, board discretion, cash needs, and the company's financial condition.
As of March 31, 2024, Service Corporation International managed 1,485 funeral service locations and 490 cemeteries across the United States, Canada, and Puerto Rico. The company's services range from simple cremations to full life celebrations, aiming to cater to the diverse needs of the families it serves.
This dividend announcement is based on a press release statement from Service Corporation International. The company has not assumed any obligation to update these forward-looking statements, even as new information becomes available or other events occur.
InvestingPro Insights
Amidst the dividend declaration by Service Corporation International (NYSE: SCI), investors may be interested in the company's financial robustness and market performance. According to InvestingPro data, SCI has a market capitalization of $9.92 billion and a Price/Earnings (P/E) ratio of 19.36, which is slightly adjusted to 19.19 when considering the last twelve months as of Q1 2024. The company's Price/Book ratio during the same period stands at 6.24, indicating a high valuation relative to its book value. Furthermore, SCI's revenue growth for the last twelve months as of Q1 2024 was 2.27%, with a gross profit margin of 26.16%.
Service Corporation International's commitment to shareholder returns is reflected in the InvestingPro Tips, which highlight the company's track record of raising its dividend for 10 consecutive years. Additionally, SCI has maintained dividend payments for 20 consecutive years, demonstrating a strong history of returning value to its shareholders. However, investors should note that two analysts have revised their earnings estimates downwards for the upcoming period, and the stock is trading at a high P/E ratio relative to near-term earnings growth.
For those seeking deeper insights and additional tips on Service Corporation International, InvestingPro offers more comprehensive analysis. There are 9 more InvestingPro Tips available, which can be accessed through the InvestingPro platform by visiting: https://www.investing.com/pro/SCI. To enhance your investment research, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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