Shoe Carnival (NASDAQ:SCVL) Reaches New 12-Month High After Dividend Announcement

Shoe Carnival, Inc. (NASDAQ:SCVL)’s share price hit a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $46.49 and last traded at $46.05, with a volume of 165297 shares traded. The stock had previously closed at $43.90.

The newly announced dividend which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.54 dividend on an annualized basis and a yield of 1.19%. Shoe Carnival’s payout ratio is currently 19.93%.

Wall Street Analysts Forecast Growth

Separately, Williams Trading lifted their price target on shares of 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 Stock Performance

The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 16.91 and a beta of 1.53. The firm’s 50-day moving average price is $41.01 and its two-hundred day moving average price is $37.20.

Shoe Carnival (NASDAQ:SCVL) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.03. The company had revenue of $332.70 million for the quarter, compared to analyst estimates of $331.45 million. Shoe Carnival had a return on equity of 13.26% and a net margin of 6.26%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.71 EPS. As a group, equities research analysts anticipate that Shoe Carnival, Inc. will post 2.65 EPS for the current year.

Institutional Investors Weigh In On Shoe Carnival

Hedge funds have recently made changes to their positions in the company. American Century Companies Inc. grew its stake in Shoe Carnival by 34.7% during the second quarter. American Century Companies Inc. now owns 410,355 shares of the company’s stock worth $15,138,000 after buying an additional 105,818 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Shoe Carnival by 6.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 333,411 shares of the company’s stock valued at $10,072,000 after purchasing an additional 20,941 shares in the last quarter. Wasatch Advisors LP raised its position in Shoe Carnival by 22.2% in the 4th quarter. Wasatch Advisors LP now owns 295,412 shares of the company’s stock valued at $8,924,000 after purchasing an additional 53,702 shares during the last quarter. Soviero Asset Management LP boosted its stake in Shoe Carnival by 244.3% in the fourth quarter. Soviero Asset Management LP now owns 241,000 shares of the company’s stock worth $7,281,000 after purchasing an additional 171,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Shoe Carnival by 16.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 190,953 shares of the company’s stock worth $6,997,000 after purchasing an additional 27,404 shares during the last quarter. Institutional investors and hedge funds own 66.05% of the company’s stock.

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.