Shoe Carnival (SCVL) Declares $0.065 Quarterly Dividend; Approves $50M Buyback Plan
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Shoe Carnival (NASDAQ: SCVL) declared a quarterly dividend of $0.065 per share, or $0.26 annualized.
The dividend will be payable on January 25, 2016, to stockholders of record on January 11, 2016, with an ex-dividend date of January 7, 2016.
The annual yield on the dividend is 1.1 percent.
SCVL also approved at $50 million buyback plan.
The new share repurchase program will replace the existing $25 million share repurchase program that was authorized on December 11, 2014, which will expire in accordance with its terms on December 31, 2015. There is currently $12.2 million that remains authorized for repurchases under the existing share repurchase program. Additional purchases may be made under the existing share repurchase program prior to its expiration.
The purchases under the new share repurchase program may be made in the open market or through privately negotiated transactions from time-to-time through December 31, 2016, and in accordance with applicable laws, rules and regulations. Repurchases may also be made pursuant to a Rule 10b5-1 plan, which, if adopted by the Company, would permit shares to be repurchased in accordance with pre-determined criteria when the Company might otherwise be prohibited from doing so under insider trading laws or because of self-imposed trading blackout periods. The share repurchase program may be amended, suspended or discontinued at any time and does not commit the Company to repurchase shares of its common stock. The Company intends to fund the share repurchase program from cash on hand and any shares acquired will be available for stock-based compensation awards and other corporate purposes. The actual number and value of the shares to be purchased will depend on the performance of the Company’s stock price and other market conditions.
For a dividend history and other dividend-related data on Shoe Carnival (SCVL) click here.
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