Shoe Carnival (NASDAQ:SCVL) Shares Gap Up on Analyst Upgrade

Shoe Carnival, Inc. (NASDAQ:SCVL - Get Free Report) gapped up before the market opened on Thursday after Williams Trading raised their price target on the stock from $42.00 to $51.00. The stock had previously closed at $40.47, but opened at $41.62. Williams Trading currently has a buy rating on the stock. Shoe Carnival shares last traded at $42.60, with a volume of 57,552 shares changing hands.

Hedge Funds Weigh In On Shoe Carnival

A number of hedge funds have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System bought a new position in shares of Shoe Carnival in the fourth quarter valued at approximately $272,000. Russell Investments Group Ltd. raised its position in Shoe Carnival by 25.1% in the 4th quarter. Russell Investments Group Ltd. now owns 80,300 shares of the company's stock valued at $2,426,000 after buying an additional 16,107 shares during the last quarter. SRS Capital Advisors Inc. lifted its stake in Shoe Carnival by 392.4% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,300 shares of the company's stock valued at $39,000 after acquiring an additional 1,036 shares in the last quarter. Charles Schwab Investment Management Inc. boosted 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 worth $10,072,000 after acquiring an additional 20,941 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Shoe Carnival by 268.8% in the 4th quarter. BNP Paribas Financial Markets now owns 33,081 shares of the company's stock worth $999,000 after acquiring an additional 24,110 shares in the last quarter. Institutional investors and hedge funds own 66.05% of the company's stock.

Shoe Carnival Price Performance

The company's fifty day moving average price is $39.70 and its 200 day moving average price is $36.10. The company has a market cap of $1.13 billion, a PE ratio of 15.75 and a beta of 1.49.

Shoe Carnival Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend was Monday, July 8th. Shoe Carnival's payout ratio is 19.93%.

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.