Raymond James Financial Inc. Sells 7,172 Shares of Steven Madden, Ltd. $SHOO

Raymond James Financial Inc. reduced its stake in Steven Madden, Ltd. (NASDAQ:SHOO) by 2.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 313,891 shares of the textile maker’s stock after selling 7,172 shares during the period. Raymond James Financial Inc. owned 0.43% of Steven Madden worth $8,362,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. American Century Companies Inc. grew its stake in Steven Madden by 74.0% in the 1st quarter. American Century Companies Inc. now owns 130,079 shares of the textile maker’s stock worth $3,465,000 after acquiring an additional 55,300 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in Steven Madden by 328.8% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 2,161 shares of the textile maker’s stock worth $58,000 after acquiring an additional 1,657 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Steven Madden by 50.5% in the 1st quarter. Russell Investments Group Ltd. now owns 102,940 shares of the textile maker’s stock worth $2,742,000 after acquiring an additional 34,530 shares in the last quarter. HighTower Advisors LLC grew its stake in Steven Madden by 17.5% in the 1st quarter. HighTower Advisors LLC now owns 7,567 shares of the textile maker’s stock worth $202,000 after acquiring an additional 1,128 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its stake in Steven Madden by 27.2% in the 1st quarter. Public Sector Pension Investment Board now owns 228,894 shares of the textile maker’s stock worth $6,098,000 after acquiring an additional 48,988 shares in the last quarter. 99.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SHOO shares. Wall Street Zen downgraded shares of Steven Madden from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Telsey Advisory Group reiterated a “market perform” rating and set a $26.00 price objective (up from $24.00) on shares of Steven Madden in a research note on Wednesday, July 30th. Needham & Company LLC reiterated a “hold” rating on shares of Steven Madden in a research note on Wednesday, July 30th. UBS Group increased their price objective on shares of Steven Madden from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Finally, Citigroup upgraded shares of Steven Madden from a “neutral” rating to a “buy” rating and increased their price objective for the company from $26.00 to $32.00 in a research note on Thursday, July 17th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $28.80.

Steven Madden Trading Down 0.5%

NASDAQ:SHOO opened at $29.04 on Tuesday. Steven Madden, Ltd. has a 52 week low of $19.05 and a 52 week high of $50.01. The firm has a 50 day moving average of $26.05 and a 200 day moving average of $25.80. The company has a quick ratio of 1.13, a current ratio of 2.01 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 22.87 and a beta of 1.21.

Steven Madden (NASDAQ:SHOO) last posted its earnings results on Wednesday, July 30th. The textile maker reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). Steven Madden had a net margin of 3.92% and a return on equity of 18.32%. The firm had revenue of $556.09 million for the quarter, compared to analysts’ expectations of $575.83 million. During the same period in the previous year, the company earned $0.57 EPS. The company’s revenue was up 6.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Steven Madden, Ltd. will post 2.66 earnings per share for the current fiscal year.

Steven Madden Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 12th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.9%. Steven Madden’s dividend payout ratio (DPR) is currently 66.14%.

About Steven Madden

Steven Madden, Ltd. designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel in the United States and internationally. It operates through Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, and Licensing segments. The Wholesale Footwear segment designs, sources, and markets various products, including dress shoes, boots, booties, fashion sneakers, sandals, and casual shoes under the Steve Madden, Dolce Vita, Betsey Johnson, Blondo, GREATS, and Anne Klein brands.