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

Shoe Carnival (NASDAQ:SCVL) declared that its Board of Directors has approved a share buyback plan on Thursday, December 12th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 5.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Shoe Carnival Stock Down 3.6 %

NASDAQ:SCVL opened at $34.36 on Friday. The company has a quick ratio of 0.89, a current ratio of 3.88 and a debt-to-equity ratio of 0.50. Shoe Carnival has a 12-month low of $24.94 and a 12-month high of $46.92. The stock’s fifty day simple moving average is $36.21 and its 200-day simple moving average is $38.57. The firm has a market capitalization of $933.73 million, a P/E ratio of 12.63 and a beta of 1.53.

Shoe Carnival (NASDAQ:SCVL) last released its 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. The firm had revenue of $306.90 million for the quarter, compared to analyst estimates of $316.97 million. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.80 earnings per share. Equities research analysts expect that Shoe Carnival will post 2.6 earnings per share for the current year.

Shoe Carnival Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SCVL. StockNews.com upgraded Shoe Carnival from a “sell” rating to a “hold” rating in a research report on Saturday, November 30th. Williams Trading lifted their price objective 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 Buying and Selling at Shoe Carnival

In other Shoe Carnival news, Chairman Wayne J. Weaver acquired 285,500 shares of the business’s stock in a transaction dated 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 acquisition, the chairman now directly owns 4,173,529 shares of the company’s stock, valued at approximately $141,524,368.39. This trade represents a 7.34 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 34.70% 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.