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

State Street Corp boosted its holdings in shares of Shoe Carnival, Inc. (NASDAQ:SCVL - Free Report) by 2.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 793,318 shares of the company's stock after purchasing an additional 17,086 shares during the quarter. State Street Corp owned about 2.92% of Shoe Carnival worth $34,787,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in SCVL. FMR LLC raised its position 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 last quarter. Rhumbline Advisers increased its holdings in Shoe Carnival by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 56,711 shares of the company's stock valued at $2,092,000 after acquiring an additional 394 shares during the last quarter. Sei Investments Co. increased its holdings in Shoe Carnival by 1.1% in the 2nd quarter. Sei Investments Co. now owns 52,816 shares of the company's stock valued at $1,948,000 after acquiring an additional 595 shares during the last quarter. Foundry Partners LLC lifted its stake in Shoe Carnival by 0.6% in the 3rd quarter. Foundry Partners LLC now owns 149,735 shares of the company's stock worth $6,566,000 after purchasing an additional 940 shares in the last quarter. Finally, Tectonic Advisors LLC boosted its holdings in shares of Shoe Carnival by 2.2% during the 3rd quarter. Tectonic Advisors LLC now owns 48,986 shares of the company's stock valued at $2,148,000 after purchasing an additional 1,056 shares during the last quarter. 66.05% of the stock is owned by hedge funds and other institutional investors.

Shoe Carnival Stock Up 1.9 %

SCVL stock traded up $0.65 during trading on Friday, hitting $34.65. The company had a trading volume of 1,829,335 shares, compared to its average volume of 266,554. The firm has a market capitalization of $941.61 million, a P/E ratio of 12.74 and a beta of 1.53. Shoe Carnival, Inc. has a 52-week low of $24.94 and a 52-week high of $46.92. The company has a 50 day simple moving average of $35.76 and a 200-day simple moving average of $38.48.

Shoe Carnival (NASDAQ:SCVL - Get Free Report) last posted its quarterly earnings results on Thursday, November 21st. The company reported $0.71 earnings per share for the quarter, beating 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 firm had revenue of $306.90 million during the quarter, compared to the consensus estimate of $316.97 million. During the same quarter in the previous year, the firm posted $0.80 earnings per share. The company's revenue was down 4.1% on a year-over-year basis. Sell-side analysts forecast that Shoe Carnival, Inc. will post 2.6 earnings per share for the current year.

Shoe Carnival Dividend Announcement

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 given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Monday, January 13th. Shoe Carnival's dividend payout ratio is presently 19.85%.

Shoe Carnival announced that its board has approved a share buyback plan on Thursday, December 12th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

SCVL has been the topic of a number of research analyst reports. StockNews.com upgraded Shoe Carnival from a "sell" rating to a "hold" rating in a research report on Saturday, November 30th. Williams Trading raised 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.

Insider Activity

In related news, Chairman Wayne J. Weaver bought 285,500 shares of the company's stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost 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 in the company, valued at approximately $141,524,368.39. The trade was a 7.34 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 34.70% of the company's stock.

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.