W Kerry Jackson Acquires 31,000 Shares of Shoe Carnival (NASDAQ:SCVL) Stock

Key Points

• CFO W. Kerry Jackson purchased 31,000 shares on April 2 at an average $16.13 per share (total ~$500,030), boosting his stake by 16.8% to 215,529 shares valued at about $3.48 million.
• Shoe Carnival authorized a $50 million stock buyback (up to 9.9% of shares) and raised its quarterly dividend to $0.17 per share (4.3% yield; ex-dividend April 6, paid April 20).
• The company reported quarterlies that met EPS estimates at $0.33 while revenue fell 3.3% year-over-year; shares trade near $15.93 with a market cap around $438 million and an analyst consensus price target of $22 (Moderate Buy).

Shoe Carnival, Inc. (NASDAQ:SCVL - Get Free Report) CFO W Kerry Jackson bought 31,000 shares of the company's stock in a transaction that occurred on Thursday, April 2nd. The stock was purchased at an average price of $16.13 per share, for a total transaction of $500,030.00. Following the acquisition, the chief financial officer owned 215,529 shares of the company's stock, valued at $3,476,482.77. This trade represents a 16.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Shoe Carnival Stock Down 0.4%

SCVL traded down $0.07 during trading on Monday, reaching $15.93. 480,602 shares of the stock traded hands, compared to its average volume of 404,282. The stock's 50-day moving average is $18.89 and its 200 day moving average is $18.80. Shoe Carnival, Inc. has a 12 month low of $15.04 and a 12 month high of $26.57. The stock has a market capitalization of $437.60 million, a PE ratio of 8.38 and a beta of 1.36.

Shoe Carnival (NASDAQ:SCVL - Get Free Report) last announced its quarterly earnings data on Thursday, March 26th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.33. Shoe Carnival had a return on equity of 7.75% and a net margin of 4.60%.The company had revenue of $254.07 million for the quarter, compared to the consensus estimate of $255.83 million. During the same period in the previous year, the business earned $0.54 EPS. The firm's revenue was down 3.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Shoe Carnival, Inc. will post 2.6 EPS for the current year.

Shoe Carnival declared that its Board of Directors has initiated a stock buyback program on Friday, December 12th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 9.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Shoe Carnival Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 20th. Stockholders of record on Monday, April 6th will be given a dividend of $0.17 per share. This is a positive change from Shoe Carnival's previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Monday, April 6th. This represents a $0.68 annualized dividend and a dividend yield of 4.3%. Shoe Carnival's payout ratio is 31.58%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SCVL shares. Weiss Ratings reiterated a "hold (c-)" rating on shares of Shoe Carnival in a report on Friday, March 27th. Williams Trading set a $22.00 target price on Shoe Carnival in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Shoe Carnival presently has an average rating of "Moderate Buy" and a consensus price target of $22.00.

Institutional Trading of Shoe Carnival

Several hedge funds have recently bought and sold shares of the business. Royal Bank of Canada lifted its stake in shares of Shoe Carnival by 13.0% in the first quarter. Royal Bank of Canada now owns 80,923 shares of the company's stock valued at $1,779,000 after buying an additional 9,298 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Shoe Carnival by 367.2% during the first quarter. AQR Capital Management LLC now owns 52,303 shares of the company's stock worth $1,150,000 after acquiring an additional 41,108 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Shoe Carnival by 215.9% in the 1st quarter. Millennium Management LLC now owns 321,764 shares of the company's stock worth $7,076,000 after acquiring an additional 219,918 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Shoe Carnival by 3.0% in the 1st quarter. Empowered Funds LLC now owns 140,151 shares of the company's stock worth $3,082,000 after acquiring an additional 4,108 shares during the last quarter. Finally, Swiss National Bank lifted its position in Shoe Carnival by 5.2% in the 2nd quarter. Swiss National Bank now owns 36,300 shares of the company's stock valued at $679,000 after acquiring an additional 1,800 shares in the last quarter. Institutional investors and hedge funds own 66.05% of the company's stock.

About Shoe Carnival

Shoe Carnival, Inc NASDAQ: SCVL is a U.S.-based specialty retailer offering a broad assortment of footwear, apparel and accessories for the entire family. Through its network of brick-and-mortar stores and e-commerce platform, the company provides casual, athletic and dress shoes for men, women and children, as well as complementary apparel, handbags, socks and other accessories designed to deliver value and variety. Its distinctive in-store carnival host service model aims to create an engaging shopping experience and foster customer loyalty.

Founded in 1978 and headquartered in Evansville, Indiana, Shoe Carnival has expanded over four decades to operate more than 350 retail locations across over 30 states.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.