Shoe Carnival (NASDAQ:SCVL) Shares Gap Up Following Strong Earnings

Shoe Carnival, Inc. (NASDAQ:SCVL) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $21.53, but opened at $25.00. Shoe Carnival shares last traded at $24.92, with a volume of 388,383 shares trading hands.

The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.09. The company had revenue of $306.39 million during the quarter, compared to the consensus estimate of $318.31 million. Shoe Carnival had a net margin of 5.41% and a return on equity of 9.75%. The company’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 earnings per share. Shoe Carnival has set its FY 2025 guidance at 1.700-2.10 EPS.

Shoe Carnival Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, July 7th. Shoe Carnival’s dividend payout ratio is currently 25.10%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SCVL. Zacks Research lowered shares of Shoe Carnival from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 26th. Seaport Res Ptn lowered shares of Shoe Carnival from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 26th. Finally, Wall Street Zen lowered shares of Shoe Carnival from a “hold” rating to a “sell” rating in a research note on Saturday, August 30th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Shoe Carnival currently has an average rating of “Reduce”.

Institutional Investors Weigh In On Shoe Carnival

A number of large investors have recently made changes to their positions in SCVL. NBC Securities Inc. raised its holdings in shares of Shoe Carnival by 145,700.0% during the first quarter. NBC Securities Inc. now owns 1,458 shares of the company’s stock valued at $32,000 after acquiring an additional 1,457 shares during the period. Versant Capital Management Inc acquired a new stake in shares of Shoe Carnival during the first quarter valued at approximately $33,000. First Horizon Advisors Inc. raised its holdings 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 acquiring an additional 486 shares during the period. GAMMA Investing LLC raised its holdings in shares of Shoe Carnival by 404.0% during the first quarter. GAMMA Investing LLC now owns 2,510 shares of the company’s stock valued at $55,000 after acquiring an additional 2,012 shares during the period. Finally, CWM LLC raised its holdings in shares of Shoe Carnival by 188.3% during the first quarter. CWM LLC now owns 3,883 shares of the company’s stock valued at $85,000 after acquiring an additional 2,536 shares during the period. Institutional investors and hedge funds own 66.05% of the company’s stock.

Shoe Carnival Stock Performance

The stock has a market cap of $672.84 million, a price-to-earnings ratio of 10.84 and a beta of 1.35. The company’s 50 day simple moving average is $21.21 and its two-hundred day simple moving average is $20.41.

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.