Shoe Carnival (NASDAQ:SCVL) Trading Down 15.9% – Here’s What Happened

Shoe Carnival, Inc. (NASDAQ:SCVL)’s share price dropped 15.9% during trading on Thursday . The stock traded as low as $20.10 and last traded at $19.35. Approximately 123,786 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 339,779 shares. The stock had previously closed at $23.00.

Shoe Carnival Trading Up 3.5 %

The stock’s 50 day moving average is $23.38 and its 200 day moving average is $31.61. The stock has a market capitalization of $541.33 million, a price-to-earnings ratio of 7.32 and a beta of 1.35.

Shoe Carnival (NASDAQ:SCVL) last released its quarterly earnings results on Thursday, March 20th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.42 by $0.12. Shoe Carnival had a net margin of 6.12% and a return on equity of 12.52%. The business had revenue of $262.90 million for the quarter, compared to analyst estimates of $277.89 million. During the same period in the prior year, the business earned $0.59 earnings per share. The company’s quarterly revenue was down 6.2% on a year-over-year basis. On average, sell-side analysts anticipate that Shoe Carnival, Inc. will post 2.6 EPS for the current year.

Shoe Carnival Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be given a dividend of $0.15 per share. This is an increase from Shoe Carnival’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, April 7th. This represents a $0.60 annualized dividend and a yield of 3.01%. Shoe Carnival’s dividend payout ratio (DPR) is presently 22.39%.

Shoe Carnival announced that its Board of Directors has initiated a stock buyback plan on Thursday, December 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Shoe Carnival

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company lifted its holdings in Shoe Carnival by 31.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 9,561 shares of the company’s stock valued at $419,000 after purchasing an additional 2,290 shares in the last quarter. FMR LLC lifted its stake 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 period. BNP Paribas Financial Markets lifted its stake in shares of Shoe Carnival by 22.4% during the third quarter. BNP Paribas Financial Markets now owns 59,739 shares of the company’s stock valued at $2,620,000 after buying an additional 10,924 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Shoe Carnival by 16.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,069 shares of the company’s stock worth $2,196,000 after acquiring an additional 6,946 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Shoe Carnival in the 3rd quarter worth approximately $76,000. Hedge funds and other institutional investors own 66.05% of the company’s stock.

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.