Shoe Carnival (NASDAQ:SCVL) Shares Gap Up After Analyst Upgrade

Shoe Carnival, Inc. (NASDAQ:SCVL) gapped up before the market opened on Thursday after Williams Trading upgraded the stock from a hold rating to a strong-buy rating. The stock had previously closed at $19.62, but opened at $21.14. Shoe Carnival shares last traded at $20.61, with a volume of 55,664 shares.

SCVL has been the topic of several other reports. Zacks Research lowered Shoe Carnival from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 25th. Weiss Ratings restated a “hold (c-)” rating on shares of Shoe Carnival in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Institutional Investors Weigh In On Shoe Carnival

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in shares of Shoe Carnival by 13.0% during the 1st quarter. Royal Bank of Canada now owns 80,923 shares of the company’s stock valued at $1,779,000 after buying an additional 9,298 shares during the period. AQR Capital Management LLC grew its position in Shoe Carnival by 367.2% in the first quarter. AQR Capital Management LLC now owns 52,303 shares of the company’s stock valued at $1,150,000 after acquiring an additional 41,108 shares in the last quarter. Millennium Management LLC raised its stake in shares of Shoe Carnival by 215.9% during the first quarter. Millennium Management LLC now owns 321,764 shares of the company’s stock valued at $7,076,000 after purchasing an additional 219,918 shares during the period. Empowered Funds LLC lifted its position in shares of Shoe Carnival by 3.0% during the first quarter. Empowered Funds LLC now owns 140,151 shares of the company’s stock worth $3,082,000 after purchasing an additional 4,108 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of Shoe Carnival by 44.5% in the second quarter. CWM LLC now owns 5,610 shares of the company’s stock valued at $105,000 after purchasing an additional 1,727 shares during the period. Hedge funds and other institutional investors own 66.05% of the company’s stock.

Shoe Carnival Stock Down 2.4%

The firm’s 50 day moving average price is $19.22 and its two-hundred day moving average price is $19.62. The firm has a market capitalization of $552.80 million, a PE ratio of 9.61 and a beta of 1.36.

Shoe Carnival Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 26th. Shareholders 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 3.0%. The ex-dividend date of this dividend was Monday, January 12th. Shoe Carnival’s dividend payout ratio is presently 28.57%.

Shoe Carnival announced that its Board of Directors has authorized a stock repurchase plan on Friday, December 12th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 9.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.