Schwab Charles Investment Management Inc. boosted its position in Shoe Carnival, Inc. (NASDAQ:SCVL) by 11.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 139,075 shares of the company’s stock after acquiring an additional 14,272 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.82% of Shoe Carnival worth $3,113,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Tower Research Capital LLC TRC acquired a new stake in Shoe Carnival during the second quarter worth approximately $175,000. Crossmark Global Holdings Inc. acquired a new stake in Shoe Carnival during the third quarter worth approximately $222,000. Alliancebernstein L.P. raised its holdings in Shoe Carnival by 13.6% during the second quarter. Alliancebernstein L.P. now owns 10,850 shares of the company’s stock worth $227,000 after purchasing an additional 1,300 shares in the last quarter. Nine Chapters Capital Management LLC acquired a new stake in Shoe Carnival during the third quarter worth approximately $242,000. Finally, Monarch Partners Asset Management LLC acquired a new stake in Shoe Carnival during the third quarter worth approximately $323,000. 66.01% of the stock is currently owned by hedge funds and other institutional investors.
Shoe Carnival, Inc. (SCVL) opened at $25.27 on Tuesday. The stock has a market cap of $428.37, a P/E ratio of 18.45, a PEG ratio of 1.43 and a beta of 1.06. Shoe Carnival, Inc. has a 1 year low of $15.07 and a 1 year high of $28.38.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 22nd. Stockholders of record on Monday, January 8th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, January 5th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.19%. Shoe Carnival’s dividend payout ratio (DPR) is presently 21.90%.
Shoe Carnival declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 19th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
A number of analysts have weighed in on the stock. Wedbush reissued an “outperform” rating and set a $25.00 price objective (down previously from $27.00) on shares of Shoe Carnival in a report on Friday, November 17th. Zacks Investment Research cut shares of Shoe Carnival from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. Susquehanna Bancshares raised shares of Shoe Carnival from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $19.00 to $23.00 in a report on Wednesday, September 20th. TheStreet raised shares of Shoe Carnival from a “c” rating to a “b-” rating in a report on Friday, November 17th. Finally, UBS Group raised shares of Shoe Carnival from a “neutral” rating to a “positive” rating in a report on Wednesday, September 20th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $25.86.
Shoe Carnival Profile
Shoe Carnival, Inc is a family footwear retailer. The Company’s primary activity is the sale of footwear and related products through its retail stores in approximately 30 states within the continental United States and in Puerto Rico. It also offers online shopping on its e-commerce site at www.shoecarnival.com.
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