Steven Madden (NASDAQ:SHOO) Shares Gap Up After Dividend Announcement

Steven Madden, Ltd. (NASDAQ:SHOO) gapped up prior to trading on Monday after the company announced a dividend. The stock had previously closed at $24.75, but opened at $25.75. Steven Madden shares last traded at $25.98, with a volume of 104,823 shares trading hands.

The newly announced dividend which will be paid on Friday, June 20th. Investors of record on Monday, June 9th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date is Monday, June 9th. Steven Madden’s payout ratio is presently 36.21%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. UBS Group lifted their target price on shares of Steven Madden from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Loop Capital decreased their price objective on Steven Madden from $40.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Needham & Company LLC restated a “hold” rating on shares of Steven Madden in a research note on Friday, May 2nd. Citigroup reduced their target price on shares of Steven Madden from $35.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, May 1st. Finally, Piper Sandler dropped their price target on Steven Madden from $35.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Nine equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $28.50.

Steven Madden Stock Performance

The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 11.05 and a beta of 1.12. The company has a fifty day moving average of $23.06 and a two-hundred day moving average of $32.57.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Wednesday, May 7th. The textile maker reported $0.60 EPS for the quarter, beating the consensus estimate of $0.46 by $0.14. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The business had revenue of $551.38 million for the quarter, compared to analysts’ expectations of $557.81 million. During the same period in the prior year, the business posted $0.65 earnings per share. The firm’s revenue was up .2% on a year-over-year basis. Equities analysts forecast that Steven Madden, Ltd. will post 2.66 EPS for the current year.

Institutional Trading of Steven Madden

A number of institutional investors and hedge funds have recently modified their holdings of the business. Mariner LLC raised its stake in shares of Steven Madden by 7.2% during the 4th quarter. Mariner LLC now owns 4,740 shares of the textile maker’s stock valued at $202,000 after purchasing an additional 319 shares during the period. Moran Wealth Management LLC lifted its position in shares of Steven Madden by 1.6% in the 4th quarter. Moran Wealth Management LLC now owns 21,126 shares of the textile maker’s stock worth $898,000 after purchasing an additional 325 shares during the period. Tidal Investments LLC raised its holdings in Steven Madden by 2.4% in the fourth quarter. Tidal Investments LLC now owns 17,784 shares of the textile maker’s stock worth $756,000 after purchasing an additional 409 shares in the last quarter. Bank of Montreal Can increased its position in Steven Madden by 5.5% during the 4th quarter. Bank of Montreal Can now owns 10,660 shares of the textile maker’s stock valued at $453,000 after buying an additional 554 shares in the last quarter. Finally, Xponance Inc. increased its position in shares of Steven Madden by 12.3% during the fourth quarter. Xponance Inc. now owns 5,320 shares of the textile maker’s stock valued at $226,000 after acquiring an additional 584 shares in the last quarter. 99.88% of the stock is owned by hedge funds and other institutional investors.

Steven Madden Company Profile

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.