Shoe Carnival (NASDAQ: SCVL) is making headlines as several research firms revise their ratings and price targets for the company. This comes on the heels of the footwear retailer announcing a quarterly dividend, which was distributed on October 20, 2023. Shareholders of record as of October 6, 2023 received a dividend of $0.15 per share, translating to an annualized dividend of $0.60 and a yield of 3.6%.
The ex-dividend date was also October 6, 2023, and the company’s dividend payout ratio stands at 28.57%. This financial maneuver reflects Shoe Carnival’s commitment to returning value to its shareholders amid changing market conditions.
In a related development, insider trading activity has been noted. On October 15, 2023, Director Andrea R. Guthrie sold 2,477 shares of Shoe Carnival stock. The shares were sold at an average price of $20.20, resulting in a total transaction value of $50,035.40. Following this sale, Guthrie retained 24,405 shares of the company, valued at approximately $492,981, marking a decrease of 9.21% in her ownership stake. This transaction has been disclosed in a legal filing with the U.S. Securities and Exchange Commission.
Shoe Carnival operates as a family footwear retailer across the United States, offering a comprehensive selection of shoes, including dress, casual, work, and athletic options, along with sandals and boots for all ages. The company also sells its products via its website, shoecarnival.com, and through a mobile app, expanding its reach to customers nationwide.
The company’s insider ownership remains significant, with approximately 35.50% of shares held by insiders. This level of insider ownership can indicate confidence in the company’s future prospects, even as market conditions fluctuate.
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