Caleres Inc (NYSE:CAL) announced a quarterly dividend on Thursday, March 14th, RTT News reports. Investors of record on Tuesday, March 26th will be given a dividend of 0.07 per share by the textile maker on Tuesday, April 9th. This represents a $0.28 dividend on an annualized basis and a yield of 1.03%.
Caleres has raised its dividend payment by an average of 26.0% annually over the last three years. Caleres has a dividend payout ratio of 11.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Caleres to earn $2.55 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 11.0%.
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CAL stock traded down $0.39 during midday trading on Thursday, reaching $27.11. The company had a trading volume of 579,229 shares, compared to its average volume of 354,227. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.19 and a quick ratio of 0.39. Caleres has a 1 year low of $26.60 and a 1 year high of $41.09. The stock has a market cap of $1.17 billion, a PE ratio of 12.55 and a beta of 0.76.
A number of research firms have commented on CAL. Zacks Investment Research raised shares of Caleres from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 23rd. Loop Capital set a $30.00 price target on shares of Caleres and gave the stock a “hold” rating in a research note on Wednesday, November 21st. Finally, ValuEngine cut shares of Caleres from a “buy” rating to a “hold” rating in a research note on Tuesday, November 20th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $39.40.
In other news, insider Daniel R. Freidman sold 5,000 shares of the company’s stock in a transaction on Thursday, February 21st. The shares were sold at an average price of $30.00, for a total value of $150,000.00. Following the completion of the sale, the insider now owns 74,046 shares of the company’s stock, valued at approximately $2,221,380. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.60% of the stock is currently owned by corporate insiders.
Caleres declared that its board has approved a share buyback program on Friday, December 14th that authorizes the company to repurchase 2,500,000 shares. This repurchase authorization authorizes the textile maker to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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Caleres, Inc engages in the retail and wholesale of footwear in the United States, Canada, Guam, and Italy. It operates through Famous Footwear and Brand Portfolio segments. The company offers licensed, branded, and private-label casual, dress, and athletic footwear products to women, men, and children.
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