Shoe Carnival (NASDAQ:SCVL) Shares Gap Up – Should You Buy?

Shoe Carnival, Inc. (NASDAQ:SCVL) shares gapped up prior to trading on Thursday . The stock had previously closed at $19.62, but opened at $21.14. Shoe Carnival shares last traded at $20.61, with a volume of 55,664 shares trading hands.

Analyst Ratings Changes

Several research firms have issued reports on SCVL. Zacks Research downgraded Shoe Carnival from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 25th. Williams Trading set a $22.00 price objective on Shoe Carnival in a report on Thursday. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Shoe Carnival in a research report on Monday, December 29th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, Shoe Carnival currently has an average rating of “Hold” and an average target price of $22.00.

Shoe Carnival Stock Performance

The company has a market cap of $564.30 million, a P/E ratio of 9.83 and a beta of 1.36. The business’s 50-day moving average price is $19.15 and its 200 day moving average price is $19.61.

Shoe Carnival Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 26th. Investors of record on Monday, January 12th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Monday, January 12th. Shoe Carnival’s dividend payout ratio (DPR) is presently 28.57%.

Shoe Carnival announced that its board has initiated a stock buyback plan on Friday, December 12th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Shoe Carnival

Hedge funds and other institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC acquired a new position in shares of Shoe Carnival in the fourth quarter valued at about $28,000. Huntington National Bank increased its holdings in shares of Shoe Carnival by 164.8% during the third quarter. Huntington National Bank now owns 1,491 shares of the company’s stock worth $31,000 after purchasing an additional 928 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Shoe Carnival by 33.8% during the second quarter. First Horizon Advisors Inc. now owns 1,923 shares of the company’s stock worth $36,000 after purchasing an additional 486 shares during the period. Hantz Financial Services Inc. raised its position in shares of Shoe Carnival by 305.0% in the third quarter. Hantz Financial Services Inc. now owns 2,029 shares of the company’s stock valued at $42,000 after buying an additional 1,528 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in shares of Shoe Carnival in the fourth quarter valued at approximately $44,000. Institutional investors and hedge funds 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.