State Street Corp Raises Stock Position in Shoe Carnival, Inc. (NASDAQ:SCVL)

State Street Corp lifted its position in shares of Shoe Carnival, Inc. (NASDAQ:SCVL - Free Report) by 2.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 793,318 shares of the company's stock after buying an additional 17,086 shares during the quarter. State Street Corp owned approximately 2.92% of Shoe Carnival worth $34,787,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SCVL. Pacer Advisors Inc. purchased a new stake in Shoe Carnival in the third quarter worth about $37,440,000. American Century Companies Inc. raised its holdings in shares of Shoe Carnival by 34.7% in the 2nd quarter. American Century Companies Inc. now owns 410,355 shares of the company's stock valued at $15,138,000 after purchasing an additional 105,818 shares in the last quarter. Millennium Management LLC lifted its position in shares of Shoe Carnival by 726.1% in the 2nd quarter. Millennium Management LLC now owns 101,831 shares of the company's stock worth $3,757,000 after purchasing an additional 89,504 shares during the period. Victory Capital Management Inc. lifted its position in shares of Shoe Carnival by 138.3% in the 3rd quarter. Victory Capital Management Inc. now owns 59,239 shares of the company's stock worth $2,598,000 after purchasing an additional 34,382 shares during the period. Finally, Maverick Capital Ltd. boosted its stake in shares of Shoe Carnival by 98.9% during the second quarter. Maverick Capital Ltd. now owns 56,790 shares of the company's stock valued at $2,095,000 after purchasing an additional 28,233 shares in the last quarter. Institutional investors own 66.05% of the company's stock.

Insiders Place Their Bets

In related news, Chairman Wayne J. Weaver purchased 285,500 shares of the business's stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $33.91 per share, for a total transaction of $9,681,305.00. Following the purchase, the chairman now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 34.70% of the company's stock.

Shoe Carnival Stock Up 1.9 %

Shares of Shoe Carnival stock traded up $0.65 on Friday, reaching $34.65. The stock had a trading volume of 1,829,335 shares, compared to its average volume of 266,554. The stock has a market capitalization of $941.61 million, a P/E ratio of 12.74 and a beta of 1.53. The company has a 50 day moving average price of $35.67 and a 200 day moving average price of $38.45. Shoe Carnival, Inc. has a 1 year low of $24.94 and a 1 year high of $46.92.

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. Shoe Carnival had a net margin of 6.12% and a return on equity of 12.52%. The business had revenue of $306.90 million for the quarter, compared to analyst estimates of $316.97 million. During the same period in the previous year, the company earned $0.80 earnings per share. The business's revenue for the quarter was down 4.1% on a year-over-year basis. On average, analysts forecast that Shoe Carnival, Inc. will post 2.6 earnings per share 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 will be paid on Monday, January 27th. Shareholders of record on Monday, January 13th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Monday, January 13th. Shoe Carnival's dividend payout ratio (DPR) is presently 19.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. StockNews.com raised shares of Shoe Carnival from a "sell" rating to a "hold" rating in a research note on Saturday, November 30th. Williams Trading boosted their price target on Shoe Carnival from $42.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, August 29th.

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.