Shoe Carnival, Inc. (NASDAQ:SCVL) Declares Dividend Increase – $0.15 Per Share

Shoe Carnival, Inc. (NASDAQ:SCVL) declared a quarterly dividend on Monday, March 17th, RTT News reports. Stockholders of record on Monday, April 7th will be given a dividend of 0.15 per share on Monday, April 21st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.68%. This is a 11.1% increase from Shoe Carnival’s previous quarterly dividend of $0.14.

Shoe Carnival has increased its dividend payment by an average of 24.5% per year over the last three years and has raised its dividend every year for the last 13 years. Shoe Carnival has a dividend payout ratio of 17.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Shoe Carnival to earn $2.93 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 18.4%.

Shoe Carnival Price Performance

Shares of NASDAQ SCVL opened at $22.37 on Tuesday. Shoe Carnival has a one year low of $20.51 and a one year high of $46.92. The business’s 50-day moving average price is $25.73 and its two-hundred day moving average price is $33.28. The company has a market capitalization of $607.90 million, a P/E ratio of 8.22 and a beta of 1.50.

Shoe Carnival announced that its board has initiated a share buyback plan on Thursday, December 12th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to purchase up to 5.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

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

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.