Shoe Carnival (NASDAQ:SCVL) Shares Gap Down – Here’s What Happened

Shoe Carnival, Inc. (NASDAQ:SCVL) shares gapped down before the market opened on Wednesday . The stock had previously closed at $21.01, but opened at $19.49. Shoe Carnival shares last traded at $19.3860, with a volume of 118,346 shares changing hands.

Analyst Upgrades and Downgrades

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

Shoe Carnival Stock Down 7.3%

The stock’s 50 day moving average price is $19.13 and its 200-day moving average price is $19.61. The stock has a market capitalization of $533.36 million, a P/E ratio of 9.28 and a beta of 1.36.

Shoe Carnival Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 26th. Stockholders of record on Monday, January 12th were issued a $0.15 dividend. The ex-dividend date was Monday, January 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.1%. Shoe Carnival’s dividend payout ratio (DPR) is currently 28.57%.

Shoe Carnival declared that its board has approved a stock buyback program on Friday, December 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Shoe Carnival

A number of institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new position in Shoe Carnival in the fourth quarter worth about $28,000. Huntington National Bank grew its position 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 buying an additional 928 shares during the last quarter. First Horizon Advisors Inc. raised its stake 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 worth $36,000 after acquiring an additional 486 shares in the last quarter. Hantz Financial Services Inc. lifted its position in Shoe Carnival by 305.0% during 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 purchased a new stake in Shoe Carnival during the fourth 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.