Steven Madden, Ltd. (NASDAQ:SHOO) Shares Sold by Synovus Financial Corp

Synovus Financial Corp cut its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 14.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,187 shares of the textile maker’s stock after selling 2,055 shares during the quarter. Synovus Financial Corp’s holdings in Steven Madden were worth $518,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOO. Barclays PLC raised its stake in shares of Steven Madden by 286.9% in the third quarter. Barclays PLC now owns 139,206 shares of the textile maker’s stock worth $6,819,000 after purchasing an additional 103,226 shares during the last quarter. Geode Capital Management LLC increased its holdings in Steven Madden by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,710,492 shares of the textile maker’s stock worth $83,812,000 after buying an additional 49,075 shares during the period. Tidal Investments LLC raised its position in Steven Madden by 15.1% during the 3rd quarter. Tidal Investments LLC now owns 17,375 shares of the textile maker’s stock worth $851,000 after buying an additional 2,278 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Steven Madden by 5.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 462,096 shares of the textile maker’s stock valued at $22,638,000 after acquiring an additional 21,942 shares during the period. Finally, Central Pacific Bank Trust Division boosted its holdings in shares of Steven Madden by 7.4% in the 4th quarter. Central Pacific Bank Trust Division now owns 4,202 shares of the textile maker’s stock valued at $179,000 after acquiring an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.

Steven Madden Stock Performance

Shares of NASDAQ SHOO opened at $19.90 on Friday. The firm has a fifty day moving average of $28.59 and a 200 day moving average of $38.47. The firm has a market cap of $1.44 billion, a PE ratio of 8.47 and a beta of 0.98. Steven Madden, Ltd. has a one year low of $19.05 and a one year high of $50.01.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Wednesday, February 26th. The textile maker reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.02. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The business had revenue of $582.32 million for the quarter, compared to analyst estimates of $550.37 million. On average, equities analysts predict that Steven Madden, Ltd. will post 2.66 EPS for the current fiscal year.

Steven Madden Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were issued a dividend of $0.21 per share. The ex-dividend date was Monday, March 10th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.22%. Steven Madden’s payout ratio is currently 35.74%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SHOO. Needham & Company LLC restated a “hold” rating on shares of Steven Madden in a research report on Thursday, February 27th. Jefferies Financial Group restated a “hold” rating on shares of Steven Madden in a research note on Monday, February 3rd. Piper Sandler reduced their price target on Steven Madden from $35.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Loop Capital lowered their price objective on Steven Madden from $40.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Finally, Citigroup dropped their price objective on shares of Steven Madden from $38.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $37.83.

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.