Wells Fargo & Company MN decreased its position in Shoe Carnival, Inc. (NASDAQ:SCVL) by 70.4% in the third quarter, Holdings Channel reports. The fund owned 14,461 shares of the company’s stock after selling 34,412 shares during the period. Wells Fargo & Company MN’s holdings in Shoe Carnival were worth $324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Tower Research Capital LLC TRC purchased a new position in Shoe Carnival in the 2nd quarter worth $175,000. Crossmark Global Holdings Inc. purchased a new position in Shoe Carnival in the 3rd quarter worth $222,000. Alliancebernstein L.P. raised its stake in Shoe Carnival by 13.6% in the 2nd quarter. Alliancebernstein L.P. now owns 10,850 shares of the company’s stock worth $227,000 after acquiring an additional 1,300 shares during the last quarter. Nine Chapters Capital Management LLC purchased a new position in Shoe Carnival in the 3rd quarter worth $242,000. Finally, Monarch Partners Asset Management LLC purchased a new position in Shoe Carnival in the 3rd quarter worth $323,000. Institutional investors own 67.43% of the company’s stock.

Shares of Shoe Carnival, Inc. (NASDAQ:SCVL) opened at $22.26 on Monday. Shoe Carnival, Inc. has a 12-month low of $15.07 and a 12-month high of $28.38. The company has a market capitalization of $377.35, a PE ratio of 16.25, a PEG ratio of 1.02 and a beta of 0.91.

Shoe Carnival (NASDAQ:SCVL) last posted its earnings results on Thursday, November 16th. The company reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.08. Shoe Carnival had a return on equity of 7.81% and a net margin of 2.17%. The firm had revenue of $287.47 million for the quarter, compared to analysts’ expectations of $286.90 million. research analysts forecast that Shoe Carnival, Inc. will post 1.48 EPS for the current year.

Shoe Carnival announced that its board has approved a share buyback plan on Tuesday, December 19th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Monday, January 22nd. Stockholders of record on Monday, January 8th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date was Friday, January 5th. Shoe Carnival’s dividend payout ratio (DPR) is presently 21.90%.

A number of brokerages recently issued reports on SCVL. BidaskClub lowered Shoe Carnival from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Wedbush restated a “buy” rating and issued a $33.00 target price (up previously from $27.00) on shares of Shoe Carnival in a research note on Tuesday, December 19th. TheStreet upgraded Shoe Carnival from a “c” rating to a “b-” rating in a research note on Friday, November 17th. Pivotal Research began coverage on Shoe Carnival in a research note on Tuesday, November 21st. They set a “hold” rating and a $28.00 price objective for the company. Finally, Jefferies Group set a $22.00 price objective on Shoe Carnival and gave the company a “hold” rating in a research note on Saturday, November 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $25.86.

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About Shoe Carnival

Shoe Carnival, Inc is a family footwear retailer. The Company’s primary activity is the sale of footwear and related products through its retail stores in approximately 30 states within the continental United States and in Puerto Rico. It also offers online shopping on its e-commerce site at www.shoecarnival.com.

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Institutional Ownership by Quarter for Shoe Carnival (NASDAQ:SCVL)

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