Shoe Carnival (NASDAQ:SCVL) Board Initiates Share Buyback Plan

Shoe Carnival (NASDAQ:SCVL) announced that its Board of Directors has authorized a stock buyback program on Thursday, December 12th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 5.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SCVL shares. StockNews.com upgraded Shoe Carnival from a “sell” rating to a “hold” rating in a research report on Saturday, November 30th. Williams Trading boosted their target price on Shoe Carnival from $42.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th.

Shoe Carnival Trading Down 0.3 %

Shoe Carnival stock opened at $34.27 on Friday. The firm has a market capitalization of $931.12 million, a P/E ratio of 12.60 and a beta of 1.53. Shoe Carnival has a 1 year low of $24.94 and a 1 year high of $46.92. The business has a 50-day moving average of $36.06 and a 200-day moving average of $38.55.

Shoe Carnival (NASDAQ:SCVL) last posted its earnings results on Thursday, November 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.01. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The company had revenue of $306.90 million during the quarter, compared to analyst estimates of $316.97 million. During the same period in the previous year, the company earned $0.80 EPS. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. Research analysts anticipate that Shoe Carnival will post 2.6 EPS for the current fiscal year.

Shoe Carnival Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 27th. Investors of record on Monday, January 13th will be given a $0.135 dividend. The ex-dividend date is Monday, January 13th. This represents a $0.54 annualized dividend and a dividend yield of 1.58%. Shoe Carnival’s dividend payout ratio is presently 19.85%.

Insider Activity at Shoe Carnival

In other news, Chairman Wayne J. Weaver purchased 285,500 shares of Shoe Carnival stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $33.91 per share, with a total value of $9,681,305.00. Following the transaction, the chairman now directly owns 4,173,529 shares in the company, valued at $141,524,368.39. The trade was a 7.34 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 34.70% of the stock is owned by insiders.

About Shoe Carnival

Shoe Carnival, Inc, together with its subsidiaries, operates as a family footwear retailer in the United States. The company offers range of dress, casual, work, and athletic shoes, as well as sandals and boots for men, women, and children; and various accessories. The company also operates stores, and sells its products through online shopping at shoecarnival.com, as well as through mobile app.