Shoe Carnival (NASDAQ:SCVL) Stock Price Up 7.2% – Here’s What Happened

Shares of Shoe Carnival, Inc. (NASDAQ:SCVL) traded up 7.2% during trading on Friday . The company traded as high as $20.58 and last traded at $21.3450. 14,342 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 401,706 shares. The stock had previously closed at $19.92.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Zacks Research downgraded shares of Shoe Carnival from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Shoe Carnival in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Shoe Carnival Stock Up 1.5%

The company has a market cap of $569.37 million, a P/E ratio of 9.89 and a beta of 1.36. The business has a fifty day moving average price of $19.00 and a 200-day moving average price of $19.61.

Shoe Carnival (NASDAQ:SCVL) last announced its quarterly earnings data on Thursday, November 20th. The company reported $0.53 earnings per share for the quarter, hitting the consensus estimate of $0.53. The business had revenue of $297.16 million during the quarter, compared to the consensus estimate of $295.25 million. Shoe Carnival had a return on equity of 8.75% and a net margin of 5.06%.Shoe Carnival’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.71 EPS. As a group, research analysts expect that Shoe Carnival, Inc. will post 2.6 earnings per share for the current year.

Shoe Carnival Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 26th. Investors of record on Monday, January 12th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, January 12th. Shoe Carnival’s dividend payout ratio is presently 28.57%.

Shoe Carnival declared that its Board of Directors has authorized a share repurchase program on Friday, December 12th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 9.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Shoe Carnival

Institutional investors have recently bought and sold shares of the stock. Meros Investment Management LP bought a new stake in shares of Shoe Carnival in the fourth quarter worth about $7,007,000. ProShare Advisors LLC bought a new stake in shares of Shoe Carnival in the second quarter valued at about $5,809,000. Millennium Management LLC lifted its holdings in Shoe Carnival by 215.9% during the first quarter. Millennium Management LLC now owns 321,764 shares of the company’s stock worth $7,076,000 after buying an additional 219,918 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Shoe Carnival by 51.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 642,771 shares of the company’s stock worth $12,026,000 after purchasing an additional 219,443 shares during the last quarter. Finally, Divisadero Street Capital Management LP acquired a new stake in Shoe Carnival in the 3rd quarter worth approximately $3,813,000. 66.05% of the stock is currently owned by hedge funds and other institutional investors.

Shoe Carnival Company Profile

Shoe Carnival, Inc (NASDAQ: SCVL) is a U.S.-based specialty retailer offering a broad assortment of footwear, apparel and accessories for the entire family. Through its network of brick-and-mortar stores and e-commerce platform, the company provides casual, athletic and dress shoes for men, women and children, as well as complementary apparel, handbags, socks and other accessories designed to deliver value and variety. Its distinctive in-store carnival host service model aims to create an engaging shopping experience and foster customer loyalty.

Founded in 1978 and headquartered in Evansville, Indiana, Shoe Carnival has expanded over four decades to operate more than 350 retail locations across over 30 states.