Bank of New York Mellon Corp Sells 7,016 Shares of Shoe Carnival, Inc. (NASDAQ:SCVL)

Bank of New York Mellon Corp cut its position in shares of Shoe Carnival, Inc. (NASDAQ:SCVL) by 2.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 261,348 shares of the company’s stock after selling 7,016 shares during the period. Bank of New York Mellon Corp’s holdings in Shoe Carnival were worth $9,641,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. SummerHaven Investment Management LLC raised its position in Shoe Carnival by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 31,550 shares of the company’s stock valued at $1,164,000 after purchasing an additional 402 shares during the period. Summit Global Investments purchased a new stake in Shoe Carnival during the second quarter valued at approximately $244,000. EMC Capital Management raised its position in Shoe Carnival by 11.9% during the first quarter. EMC Capital Management now owns 7,468 shares of the company’s stock valued at $274,000 after purchasing an additional 793 shares during the period. Janus Henderson Group PLC raised its position in Shoe Carnival by 103.4% during the first quarter. Janus Henderson Group PLC now owns 16,611 shares of the company’s stock valued at $608,000 after purchasing an additional 8,445 shares during the period. Finally, BOKF NA purchased a new stake in Shoe Carnival during the first quarter valued at approximately $308,000. 66.05% of the stock is currently owned by hedge funds and other institutional investors.

Shoe Carnival Stock Performance

Shares of NASDAQ SCVL opened at $40.60 on Tuesday. The business’s 50 day moving average price is $40.13 and its 200-day moving average price is $36.72. Shoe Carnival, Inc. has a fifty-two week low of $20.75 and a fifty-two week high of $44.48. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 14.98 and a beta of 1.53.

Shoe Carnival (NASDAQ:SCVL) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.03. Shoe Carnival had a return on equity of 13.26% and a net margin of 6.26%. The firm had revenue of $332.70 million for the quarter, compared to the consensus estimate of $331.45 million. During the same period in the prior year, the business posted $0.71 earnings per share. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Sell-side analysts predict that Shoe Carnival, Inc. will post 2.65 earnings per share for the current year.

Shoe Carnival Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Monday, July 8th were issued a $0.135 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.54 annualized dividend and a dividend yield of 1.33%. Shoe Carnival’s payout ratio is 19.93%.

Wall Street Analysts Forecast Growth

Separately, Williams Trading upped their price objective on Shoe Carnival from $42.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, August 29th.

Shoe Carnival Company Profile

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.