Shoe Carnival, Inc. (NASDAQ:SCVL) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its position in Shoe Carnival, Inc. (NASDAQ:SCVL) by 39.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,783 shares of the company’s stock after selling 39,453 shares during the quarter. JPMorgan Chase & Co. owned 0.23% of Shoe Carnival worth $2,709,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd acquired a new position in Shoe Carnival in the 3rd quarter valued at about $62,000. Quarry LP purchased a new position in shares of Shoe Carnival in the third quarter valued at approximately $66,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Shoe Carnival in the third quarter valued at approximately $76,000. FMR LLC increased its stake in Shoe Carnival by 8.7% during the 3rd quarter. FMR LLC now owns 4,266 shares of the company’s stock worth $187,000 after buying an additional 343 shares during the period. Finally, Everence Capital Management Inc. acquired a new stake in Shoe Carnival during the 3rd quarter worth approximately $224,000. Hedge funds and other institutional investors own 66.05% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Shoe Carnival from a “sell” rating to a “hold” rating in a research note on Saturday, November 30th.

Shoe Carnival Stock Performance

Shares of Shoe Carnival stock opened at $29.95 on Tuesday. The business has a 50-day simple moving average of $33.68 and a 200-day simple moving average of $37.76. Shoe Carnival, Inc. has a one year low of $24.94 and a one year high of $46.92. The company has a market cap of $813.74 million, a PE ratio of 11.01 and a beta of 1.52.

Shoe Carnival (NASDAQ:SCVL) last issued its earnings results on Thursday, November 21st. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.01. Shoe Carnival had a net margin of 6.12% and a return on equity of 12.52%. The firm had revenue of $306.90 million during the quarter, compared to the consensus estimate of $316.97 million. During the same quarter in the previous year, the firm posted $0.80 earnings per share. The company’s revenue was down 4.1% compared to the same quarter last year. On average, sell-side analysts predict that Shoe Carnival, Inc. will post 2.6 earnings per share 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. Stockholders of record on Monday, January 13th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Monday, January 13th. Shoe Carnival’s dividend payout ratio (DPR) is presently 19.85%.

Shoe Carnival announced that its board has approved a share buyback program on Thursday, December 12th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Chairman Wayne J. Weaver purchased 285,500 shares of the company’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $33.91 per share, for a total transaction of $9,681,305.00. Following the completion of the purchase, 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 34.70% of the stock is owned by company insiders.

Shoe Carnival Company Profile

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.