State Street Corp Buys 17,086 Shares of Shoe Carnival, Inc. (NASDAQ:SCVL)

State Street Corp lifted its stake in Shoe Carnival, Inc. (NASDAQ:SCVL) by 2.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 793,318 shares of the company’s stock after purchasing an additional 17,086 shares during the period. State Street Corp owned 2.92% of Shoe Carnival worth $34,787,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Innealta Capital LLC acquired a new position in Shoe Carnival during the 2nd quarter valued at about $41,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Shoe Carnival during the third quarter worth approximately $62,000. Quarry LP acquired a new position in Shoe Carnival in the third quarter valued at approximately $66,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Shoe Carnival in the third quarter valued at approximately $76,000. Finally, FMR LLC grew its holdings in Shoe Carnival by 8.7% during the 3rd quarter. FMR LLC now owns 4,266 shares of the company’s stock worth $187,000 after acquiring an additional 343 shares during the period. Institutional investors own 66.05% of the company’s stock.

Shoe Carnival Stock Performance

Shares of SCVL opened at $34.65 on Friday. The stock has a 50 day simple moving average of $35.76 and a 200 day simple moving average of $38.48. Shoe Carnival, Inc. has a 52-week low of $24.94 and a 52-week high of $46.92. The firm has a market capitalization of $941.61 million, a PE ratio of 12.74 and a beta of 1.53.

Shoe Carnival (NASDAQ:SCVL) last released its quarterly earnings results on Thursday, November 21st. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.01. Shoe Carnival had a net margin of 6.12% and a return on equity of 12.52%. The company had revenue of $306.90 million during the quarter, compared to analysts’ expectations of $316.97 million. During the same quarter in the prior year, the company earned $0.80 earnings per share. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. Equities research analysts predict that Shoe Carnival, Inc. will post 2.6 EPS for the current fiscal year.

Shoe Carnival Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 27th. Shareholders of record on Monday, January 13th will be paid a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Monday, January 13th. Shoe Carnival’s dividend payout ratio is 19.85%.

Shoe Carnival declared that its board has approved a share buyback program on Thursday, December 12th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to repurchase up to 5.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SCVL. StockNews.com raised Shoe Carnival from a “sell” rating to a “hold” rating in a research note on Saturday, November 30th. Williams Trading increased their target price on Shoe Carnival from $42.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, August 29th.

Insider Activity

In other news, Chairman Wayne J. Weaver bought 285,500 shares of the business’s stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $33.91 per share, for a total transaction of $9,681,305.00. Following the purchase, the chairman now owns 4,173,529 shares of the company’s stock, valued at approximately $141,524,368.39. The trade was a 7.34 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 34.70% of the company’s stock.

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.