Shoe Carnival (NASDAQ:SCVL) Stock Price Up 4.6% After Better-Than-Expected Earnings

Shares of Shoe Carnival, Inc. (NASDAQ:SCVL - Get Free Report) were up 4.6% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $19.47 and last traded at $19.28. Approximately 183,609 shares changed hands during trading, a decline of 54% from the average daily volume of 397,526 shares. The stock had previously closed at $18.44.

The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.04. Shoe Carnival had a return on equity of 12.52% and a net margin of 6.12%. The firm had revenue of $277.72 million for the quarter, compared to analyst estimates of $285.16 million. During the same quarter in the prior year, the firm posted $0.64 earnings per share. The company's quarterly revenue was down 7.6% on a year-over-year basis.

Shoe Carnival Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were paid a $0.15 dividend. This is a positive change from Shoe Carnival's previous quarterly dividend of $0.14. The ex-dividend date was Monday, April 7th. This represents a $0.60 annualized dividend and a yield of 3.12%. Shoe Carnival's dividend payout ratio is presently 22.39%.

Hedge Funds Weigh In On Shoe Carnival

Hedge funds have recently added to or reduced their stakes in the stock. NBC Securities Inc. lifted its stake in Shoe Carnival by 145,700.0% in the first quarter. NBC Securities Inc. now owns 1,458 shares of the company's stock valued at $32,000 after buying an additional 1,457 shares during the period. Versant Capital Management Inc bought a new stake in shares of Shoe Carnival in the first quarter worth about $33,000. GAMMA Investing LLC increased its holdings in shares of Shoe Carnival by 404.0% in the first quarter. GAMMA Investing LLC now owns 2,510 shares of the company's stock worth $55,000 after acquiring an additional 2,012 shares in the last quarter. CWM LLC increased its holdings in shares of Shoe Carnival by 188.3% in the first quarter. CWM LLC now owns 3,883 shares of the company's stock worth $85,000 after acquiring an additional 2,536 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Shoe Carnival in the fourth quarter worth about $99,000. Institutional investors and hedge funds own 66.05% of the company's stock.

Shoe Carnival Stock Up 4.4%

The firm has a fifty day simple moving average of $19.08 and a 200-day simple moving average of $25.54. The company has a market capitalization of $526.14 million, a P/E ratio of 7.08 and a beta of 1.41.

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.