Shoe Carnival (NASDAQ:SCVL) Trading 7.2% Higher – What’s Next?

Shoe Carnival, Inc. (NASDAQ:SCVL) shot up 7.2% during mid-day trading on Friday . The stock traded as high as $20.58 and last traded at $21.3450. 14,342 shares were traded 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

SCVL has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Shoe Carnival in a research note on Monday, December 29th. Zacks Research cut Shoe Carnival from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 25th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold”.

Shoe Carnival Stock Up 3.9%

The company has a market cap of $582.65 million, a PE ratio of 10.13 and a beta of 1.36. The stock has a 50-day moving average of $19.05 and a 200-day moving average of $19.60.

Shoe Carnival (NASDAQ:SCVL) last released its quarterly earnings results on Thursday, November 20th. The company reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The firm had revenue of $297.16 million for the quarter, compared to analysts’ expectations of $295.25 million. Shoe Carnival had a return on equity of 8.75% and a net margin of 5.06%.The company’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.71 EPS. Research analysts expect that Shoe Carnival, Inc. will post 2.6 EPS for the current year.

Shoe Carnival Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 26th. Shareholders of record on Monday, January 12th were given a dividend of $0.15 per share. The ex-dividend date was Monday, January 12th. This represents a $0.60 annualized dividend and a yield of 2.8%. Shoe Carnival’s payout ratio is presently 28.57%.

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

Institutional Trading of Shoe Carnival

Institutional investors and hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new stake in Shoe Carnival during the fourth quarter valued at about $28,000. Huntington National Bank boosted its holdings 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 worth $31,000 after purchasing an additional 928 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Shoe Carnival by 33.8% during the 2nd 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 last quarter. Hantz Financial Services Inc. raised its holdings in shares of Shoe Carnival by 305.0% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,029 shares of the company’s stock valued at $42,000 after buying an additional 1,528 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of Shoe Carnival during the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 66.05% of the company’s stock.

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.