Shoe Carnival (SCVL) Declares $0.075 Quarterly Dividend; Approves $50M Buyback
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Shoe Carnival (NASDAQ: SCVL) declared a quarterly dividend of $0.075 per share, or $0.3 annualized.
The dividend will be payable on January 22, 2018, to stockholders of record on January 8, 2018, with an ex-dividend date of January 5, 2018.
The annual yield on the dividend is 1.2 percent.
Shoe Carnival announced that its Board of Directors authorized a new share repurchase program for up to $50 million of its outstanding common stock, effective January 1, 2018
The new share repurchase program will replace the existing $50 million share repurchase program that was authorized on December 6, 2016, which will expire in accordance with its terms on December 31, 2017. There is currently $13.0 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, 2018, 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.
Future declarations of dividends are subject to approval of the Board of Directors and will depend on the Company's results of operations, financial condition, business conditions and other factors deemed relevant by the Board of Directors.
For a dividend history and other dividend-related data on Shoe Carnival (SCVL) click here.
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