Shoe Carnival (NASDAQ:SCVL) to Repurchase $50.00 million in Stock

Shoe Carnival (NASDAQ:SCVL) declared that its board has approved a stock buyback program on Thursday, December 12th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Shoe Carnival Stock Down 3.6 %

Shares of SCVL stock traded down $1.28 during trading hours on Thursday, hitting $34.36. 361,027 shares of the company were exchanged, compared to its average volume of 255,878. The stock has a market capitalization of $933.73 million, a price-to-earnings ratio of 12.63 and a beta of 1.53. Shoe Carnival has a one year low of $24.94 and a one year high of $46.92. The business’s 50-day simple moving average is $36.21 and its two-hundred day simple moving average is $38.57. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 3.88.

Shoe Carnival (NASDAQ:SCVL) last issued its earnings results on Thursday, November 21st. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.70 by $0.01. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The company had revenue of $306.90 million during the quarter, compared to analyst estimates of $316.97 million. During the same quarter last year, the firm earned $0.80 EPS. The business’s revenue was down 4.1% on a year-over-year basis. Sell-side analysts predict that Shoe Carnival will post 2.6 EPS for the current fiscal year.

Shoe Carnival Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 27th. Shareholders of record on Monday, January 13th will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 1.57%. Shoe Carnival’s payout ratio is 19.85%.

Analyst Ratings Changes

Several equities research analysts have issued reports on SCVL shares. Williams Trading lifted their price objective on Shoe Carnival from $42.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. StockNews.com upgraded shares of Shoe Carnival from a “sell” rating to a “hold” rating in a research note on Saturday, November 30th.

Insiders Place Their Bets

In related news, Chairman Wayne J. Weaver acquired 285,500 shares of Shoe Carnival stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $33.91 per share, for a total transaction of $9,681,305.00. Following the transaction, the chairman now directly 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 filing with the Securities & Exchange Commission, which is accessible through this link. 34.70% of the stock is owned by corporate insiders.

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.