Shoe Carnival, Inc. (NASDAQ:SCVL) Increases Dividend to $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 paid 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 2.64%. The ex-dividend date is Monday, April 7th. This is a 11.1% increase from Shoe Carnival’s previous quarterly dividend of $0.14.

Shoe Carnival has raised its dividend payment by an average of 24.5% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Shoe Carnival has a payout ratio of 17.3% meaning its dividend is sufficiently covered by earnings. Equities research 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 Trading Up 1.6 %

Shares of SCVL opened at $22.72 on Wednesday. Shoe Carnival has a 1 year low of $20.51 and a 1 year high of $46.92. The stock has a 50 day simple moving average of $25.57 and a 200-day simple moving average of $33.15. The stock has a market cap of $617.42 million, a PE ratio of 8.35 and a beta of 1.51.

Shoe Carnival announced that its board has authorized a stock buyback program on Thursday, December 12th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 5.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Separately, StockNews.com raised 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.