Shoe Carnival (NASDAQ:SCVL) Shares Gap Down – Should You Sell?

Shoe Carnival, Inc. (NASDAQ:SCVL) shares gapped down before the market opened on Wednesday . The stock had previously closed at $21.01, but opened at $19.49. Shoe Carnival shares last traded at $19.3860, with a volume of 118,346 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently issued reports on SCVL. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Shoe Carnival in a report on Monday, December 29th. Zacks Research downgraded Shoe Carnival from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 25th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Shoe Carnival Trading Down 7.3%

The company has a 50-day moving average price of $19.13 and a two-hundred day moving average price of $19.61. The stock has a market cap of $533.36 million, a P/E ratio of 9.28 and a beta of 1.36.

Shoe Carnival Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 26th. Investors of record on Monday, January 12th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, January 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.1%. Shoe Carnival’s payout ratio is currently 28.57%.

Shoe Carnival declared that its Board of Directors has approved a stock repurchase plan on Friday, December 12th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 9.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC bought a new stake in shares of Shoe Carnival during the 4th quarter worth approximately $28,000. Huntington National Bank lifted its position in shares of Shoe Carnival by 164.8% during the third quarter. Huntington National Bank now owns 1,491 shares of the company’s stock worth $31,000 after purchasing an additional 928 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Shoe Carnival by 33.8% during the second quarter. First Horizon Advisors Inc. now owns 1,923 shares of the company’s stock valued at $36,000 after purchasing an additional 486 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of Shoe Carnival by 305.0% during the third quarter. Hantz Financial Services Inc. now owns 2,029 shares of the company’s stock valued at $42,000 after purchasing an additional 1,528 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in shares of Shoe Carnival in the fourth quarter worth about $44,000. Institutional investors 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.