Shoe Carnival (NASDAQ:SCVL) Shares Gap Up – Here’s Why

Shoe Carnival, Inc. (NASDAQ:SCVL) gapped up prior to trading on Thursday . 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 changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Zacks Research downgraded 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 report on Monday, December 29th. Finally, Williams Trading set a $22.00 target price on Shoe Carnival in a report on Thursday. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, Shoe Carnival presently has a consensus rating of “Hold” and a consensus target price of $22.00.

Shoe Carnival Stock Performance

The firm has a market cap of $564.30 million, a price-to-earnings ratio of 9.83 and a beta of 1.36. The business has a fifty day simple moving average of $19.15 and a 200-day simple moving average of $19.61.

Shoe Carnival Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 26th. Shareholders of record on Monday, January 12th were issued a dividend of $0.15 per share. 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 payout ratio is presently 28.57%.

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

Institutional Trading of Shoe Carnival

Institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC acquired a new position in Shoe Carnival during the 4th quarter worth about $28,000. Huntington National Bank raised its position in shares of Shoe Carnival by 164.8% during the third quarter. Huntington National Bank now owns 1,491 shares of the company’s stock worth $31,000 after acquiring an additional 928 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Shoe Carnival by 33.8% in the second quarter. First Horizon Advisors Inc. now owns 1,923 shares of the company’s stock worth $36,000 after acquiring an additional 486 shares during the period. Hantz Financial Services Inc. boosted its holdings 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 acquiring an additional 1,528 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in Shoe Carnival during the 4th quarter valued at approximately $44,000. Institutional investors own 66.05% of the company’s stock.

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.