Sonora Investment Management Group LLC Purchases 13,115 Shares of Shoe Carnival, Inc. (NASDAQ:SCVL)

Sonora Investment Management Group LLC raised its stake in Shoe Carnival, Inc. (NASDAQ:SCVL - Free Report) by 35.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 49,956 shares of the company's stock after purchasing an additional 13,115 shares during the period. Sonora Investment Management Group LLC owned 0.18% of Shoe Carnival worth $1,653,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SCVL. Pacer Advisors Inc. acquired a new stake in shares of Shoe Carnival during the third quarter worth $37,440,000. State Street Corp raised its stake in Shoe Carnival by 2.2% during the third quarter. State Street Corp now owns 793,318 shares of the company's stock worth $34,787,000 after acquiring an additional 17,086 shares during the period. Geode Capital Management LLC lifted its holdings in Shoe Carnival by 2.4% in the third quarter. Geode Capital Management LLC now owns 452,548 shares of the company's stock worth $19,848,000 after acquiring an additional 10,761 shares during the last quarter. Foundry Partners LLC boosted its stake in Shoe Carnival by 0.6% in the third quarter. Foundry Partners LLC now owns 149,735 shares of the company's stock valued at $6,566,000 after acquiring an additional 940 shares during the period. Finally, Empowered Funds LLC raised its position in shares of Shoe Carnival by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 129,459 shares of the company's stock worth $5,677,000 after purchasing an additional 6,566 shares during the period. Institutional investors and hedge funds own 66.05% of the company's stock.

Insider Activity

In other Shoe Carnival news, Chairman Wayne J. Weaver bought 285,500 shares of the business's stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $33.91 per share, with a total value of $9,681,305.00. Following the completion of the purchase, the chairman now directly owns 4,173,529 shares in the company, valued at approximately $141,524,368.39. This trade represents a 7.34 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 34.70% of the company's stock.

Shoe Carnival Stock Performance

Shares of SCVL traded up $0.98 during mid-day trading on Tuesday, reaching $26.44. 321,525 shares of the company's stock traded hands, compared to its average volume of 401,771. Shoe Carnival, Inc. has a 12 month low of $25.43 and a 12 month high of $46.92. The stock has a market capitalization of $718.46 million, a P/E ratio of 9.72 and a beta of 1.50. The business's 50-day moving average price is $32.26 and its 200-day moving average price is $37.06.

Shoe Carnival (NASDAQ:SCVL - Get Free Report) last released its quarterly earnings results on Thursday, November 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.01. The company had revenue of $306.90 million during the quarter, compared to analysts' expectations of $316.97 million. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The company's revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 earnings per share. Equities research analysts anticipate that Shoe Carnival, Inc. will post 2.6 EPS for the current year.

Shoe Carnival announced that its board has initiated a stock buyback program on Thursday, December 12th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Shoe Carnival Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 27th. Stockholders of record on Monday, January 13th were paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Monday, January 13th. Shoe Carnival's dividend payout ratio is presently 19.85%.

Analyst Ratings Changes

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.