Share Buyback Plan Announced by Shoe Carnival (NASDAQ:SCVL) Board

by · The Cerbat Gem

Shoe Carnival (NASDAQ:SCVL – Get Free Report) announced that its Board of Directors has approved a stock repurchase plan on Friday, December 12th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 9.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SCVL shares. Seaport Res Ptn downgraded shares of Shoe Carnival from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 26th. Zacks Research downgraded Shoe Carnival from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 25th. Wall Street Zen raised Shoe Carnival from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Shoe Carnival in a report on Monday. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Shoe Carnival presently has an average rating of “Hold”.

Check Out Our Latest Stock Report on Shoe Carnival

Shoe Carnival Trading Up 1.9%

SCVL traded up $0.35 during trading on Friday, hitting $18.74. 589,487 shares of the company traded hands, compared to its average volume of 572,553. The company has a market cap of $513.10 million, a PE ratio of 8.92 and a beta of 1.32. Shoe Carnival has a 1 year low of $15.21 and a 1 year high of $36.94. The stock’s 50-day simple moving average is $18.17 and its two-hundred day simple moving average is $20.03.

Shoe Carnival (NASDAQ:SCVL – Get Free Report) last released its quarterly earnings results on Thursday, November 20th. The company reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. The company had revenue of $297.16 million for the quarter, compared to the consensus estimate of $295.25 million. Shoe Carnival had a net margin of 5.06% and a return on equity of 8.75%. Shoe Carnival’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 earnings per share. Shoe Carnival has set its FY 2025 guidance at 1.800-2.100 EPS. Equities analysts expect that Shoe Carnival will post 2.6 EPS for the current year.

Shoe Carnival Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 26th. Shareholders of record on Monday, January 12th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, January 12th. This represents a $0.60 annualized dividend and a yield of 3.2%. Shoe Carnival’s dividend payout ratio (DPR) is presently 28.57%.

Insider Activity at Shoe Carnival

In related news, Director Andrea R. Guthrie sold 2,477 shares of Shoe Carnival stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $20.20, for a total transaction of $50,035.40. Following the completion of the sale, the director owned 24,405 shares in the company, valued at $492,981. This trade represents a 9.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 35.50% of the company’s stock.

About Shoe Carnival

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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.

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