Shoe Carnival, Inc. (NASDAQ:SCVL) Sees Significant Growth in Short Interest

Shoe Carnival, Inc. (NASDAQ:SCVL) saw a significant growth in short interest in January. As of January 15th, there was short interest totaling 3,468,194 shares, a growth of 19.5% from the December 31st total of 2,901,222 shares. Currently, 19.6% of the shares of the stock are sold short. Based on an average daily volume of 518,119 shares, the days-to-cover ratio is currently 6.7 days. Based on an average daily volume of 518,119 shares, the days-to-cover ratio is currently 6.7 days. Currently, 19.6% of the shares of the stock are sold short.

Hedge Funds Weigh In On Shoe Carnival

Several hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank increased its stake in shares of Shoe Carnival by 164.8% in the 3rd quarter. Huntington National Bank now owns 1,491 shares of the company’s stock valued at $31,000 after acquiring an additional 928 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Shoe Carnival by 33.8% during the second quarter. First Horizon Advisors Inc. now owns 1,923 shares of the company’s stock valued at $36,000 after purchasing an additional 486 shares during the period. Hantz Financial Services Inc. increased its stake in Shoe Carnival by 305.0% in the third quarter. Hantz Financial Services Inc. now owns 2,029 shares of the company’s stock valued at $42,000 after purchasing an additional 1,528 shares in the last quarter. CWM LLC raised its holdings in Shoe Carnival by 44.5% in the second quarter. CWM LLC now owns 5,610 shares of the company’s stock worth $105,000 after purchasing an additional 1,727 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Shoe Carnival by 66.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,005 shares of the company’s stock worth $146,000 after purchasing an additional 2,809 shares in the last quarter. Institutional investors and hedge funds own 66.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SCVL shares. Zacks Research lowered Shoe Carnival from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 25th. Weiss Ratings restated a “hold (c-)” rating on shares of Shoe Carnival in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Shoe Carnival has a consensus rating of “Hold”.

Shoe Carnival Trading Up 4.3%

Shares of SCVL stock opened at $20.58 on Thursday. Shoe Carnival has a 1 year low of $15.21 and a 1 year high of $27.99. The firm’s 50 day moving average is $18.41 and its 200-day moving average is $19.70. The firm has a market capitalization of $563.48 million, a price-to-earnings ratio of 9.80 and a beta of 1.36.

Shoe Carnival (NASDAQ:SCVL) last posted 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 firm had revenue of $297.16 million during the quarter, compared to analysts’ expectations of $295.25 million. Shoe Carnival had a net margin of 5.06% and a return on equity of 8.75%. Shoe Carnival’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.71 EPS. Shoe Carnival has set its FY 2025 guidance at 1.800-2.100 EPS. On average, equities research analysts forecast that Shoe Carnival will post 2.6 earnings per share for the current fiscal year.

Shoe Carnival declared that its board has initiated a stock buyback program on Friday, December 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 9.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Shoe Carnival Announces Dividend

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

About Shoe Carnival

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.