Allspring Global Investments Holdings LLC Decreases Position in Shoe Carnival, Inc. (NASDAQ:SCVL)

Allspring Global Investments Holdings LLC lowered its stake in Shoe Carnival, Inc. (NASDAQ:SCVL) by 29.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 87,540 shares of the company’s stock after selling 36,285 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.32% of Shoe Carnival worth $2,896,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Tectonic Advisors LLC lifted its position in shares of Shoe Carnival by 2.2% during the third quarter. Tectonic Advisors LLC now owns 48,986 shares of the company’s stock worth $2,148,000 after purchasing an additional 1,056 shares in the last quarter. New York State Teachers Retirement System lifted its position in shares of Shoe Carnival by 6.0% during the third quarter. New York State Teachers Retirement System now owns 23,545 shares of the company’s stock worth $1,032,000 after purchasing an additional 1,341 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Shoe Carnival by 69.2% during the third quarter. Pinnacle Associates Ltd. now owns 46,540 shares of the company’s stock worth $2,041,000 after purchasing an additional 19,030 shares in the last quarter. Aigen Investment Management LP acquired a new position in shares of Shoe Carnival during the third quarter worth $237,000. Finally, Victory Capital Management Inc. lifted its position in shares of Shoe Carnival by 138.3% during the third quarter. Victory Capital Management Inc. now owns 59,239 shares of the company’s stock worth $2,598,000 after purchasing an additional 34,382 shares in the last quarter. Institutional investors and hedge funds own 66.05% of the company’s stock.

Analyst Upgrades and Downgrades

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

Shoe Carnival Price Performance

SCVL opened at $22.01 on Friday. The stock has a market capitalization of $598.01 million, a PE ratio of 8.09 and a beta of 1.50. The firm’s fifty day moving average price is $29.58 and its 200 day moving average price is $35.58. Shoe Carnival, Inc. has a 12-month low of $21.75 and a 12-month high of $46.92.

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. 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 analyst estimates of $316.97 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. On average, equities research analysts forecast 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 was paid on Monday, January 27th. Shareholders of record on Monday, January 13th were paid a dividend of $0.135 per share. The ex-dividend date was Monday, January 13th. This represents a $0.54 annualized dividend and a yield of 2.45%. Shoe Carnival’s payout ratio is 19.85%.

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

Insider Buying and Selling at Shoe Carnival

In other Shoe Carnival news, Chairman Wayne J. Weaver bought 285,500 shares of the stock in a transaction on Friday, December 6th. The stock was purchased at an average price 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 in the company, valued at approximately $141,524,368.39. This trade represents a 7.34 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 34.70% of the stock is owned by insiders.

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.