Allspring Global Investments Holdings LLC Cuts Stock Position in Shoe Carnival, Inc. (NASDAQ:SCVL)

Allspring Global Investments Holdings LLC decreased its holdings in Shoe Carnival, Inc. (NASDAQ:SCVL - Free Report) by 29.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,540 shares of the company's stock after selling 36,285 shares during the period. Allspring Global Investments Holdings LLC owned about 0.32% of Shoe Carnival worth $2,896,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of SCVL. Harvest Fund Management Co. Ltd purchased a new position in shares of Shoe Carnival during the third quarter valued at $62,000. Quarry LP purchased a new position in shares of Shoe Carnival during the third quarter valued at $66,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Shoe Carnival during the third quarter valued at $76,000. SG Americas Securities LLC purchased a new position in shares of Shoe Carnival during the fourth quarter valued at $178,000. Finally, FMR LLC increased its stake in shares of Shoe Carnival by 8.7% during the third quarter. FMR LLC now owns 4,266 shares of the company's stock valued at $187,000 after buying an additional 343 shares during the period. Hedge funds and other institutional investors own 66.05% of the company's stock.

Shoe Carnival Stock Performance

SCVL traded down $0.61 on Friday, hitting $22.01. The company had a trading volume of 478,448 shares, compared to its average volume of 372,084. The stock has a fifty day moving average price of $29.58 and a 200-day moving average price of $35.53. Shoe Carnival, Inc. has a 12-month low of $21.75 and a 12-month high of $46.92. The stock has a market capitalization of $598.01 million, a price-to-earnings ratio of 8.09 and a beta of 1.50.

Shoe Carnival (NASDAQ:SCVL - Get Free Report) last posted its earnings results on Thursday, November 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.01. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The company had revenue of $306.90 million for the quarter, compared to analyst estimates of $316.97 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The firm's quarterly revenue was down 4.1% compared to the same quarter last year. Analysts forecast that Shoe Carnival, Inc. will post 2.6 EPS for the current fiscal year.

Shoe Carnival announced that its board has approved a share buyback program on Thursday, December 12th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 5.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Shoe Carnival Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 27th. Shareholders of record on Monday, January 13th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend was Monday, January 13th. Shoe Carnival's dividend payout ratio is presently 19.85%.

Insiders Place Their Bets

In other news, Chairman Wayne J. Weaver bought 285,500 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $33.91 per share, with a total value of $9,681,305.00. Following the completion of the acquisition, the chairman now directly owns 4,173,529 shares of the company's stock, valued at $141,524,368.39. This trade represents a 7.34 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 34.70% of the company's stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Shoe Carnival from a "sell" rating to a "hold" rating in a research note on Saturday, November 30th.

Shoe Carnival 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.