Vestcor Inc Makes New Investment in Steven Madden, Ltd. (NASDAQ:SHOO)

Vestcor Inc acquired a new position in shares of Steven Madden, Ltd. (NASDAQ:SHOO) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,699 shares of the textile maker’s stock, valued at approximately $242,000.

A number of other large investors have also modified their holdings of SHOO. Pacer Advisors Inc. purchased a new stake in shares of Steven Madden during the fourth quarter worth $72,795,000. FMR LLC increased its position in shares of Steven Madden by 8,180.4% during the third quarter. FMR LLC now owns 535,081 shares of the textile maker’s stock worth $26,214,000 after acquiring an additional 528,619 shares during the period. Raymond James Financial Inc. purchased a new position in Steven Madden in the fourth quarter valued at $13,652,000. Weiss Asset Management LP purchased a new position in Steven Madden in the third quarter valued at $12,558,000. Finally, Barclays PLC increased its holdings in Steven Madden by 286.9% in the third quarter. Barclays PLC now owns 139,206 shares of the textile maker’s stock valued at $6,819,000 after buying an additional 103,226 shares during the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Citigroup dropped their target price on Steven Madden from $38.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Telsey Advisory Group dropped their target price on Steven Madden from $44.00 to $38.00 and set a “market perform” rating on the stock in a report on Thursday, February 27th. StockNews.com lowered Steven Madden from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Needham & Company LLC reissued a “hold” rating on shares of Steven Madden in a report on Thursday, February 27th. Finally, Piper Sandler decreased their price objective on shares of Steven Madden from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Steven Madden presently has a consensus rating of “Hold” and an average target price of $40.33.

Steven Madden Price Performance

NASDAQ SHOO opened at $25.31 on Wednesday. Steven Madden, Ltd. has a 1 year low of $24.97 and a 1 year high of $50.01. The company has a market capitalization of $1.83 billion, a PE ratio of 10.77 and a beta of 1.06. The company has a fifty day moving average of $36.53 and a two-hundred day moving average of $42.07.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Wednesday, February 26th. The textile maker reported $0.55 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $550.37 million. On average, research analysts expect that Steven Madden, Ltd. will post 2.66 earnings per share for the current year.

Steven Madden Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Monday, March 10th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.84 annualized dividend and a dividend yield of 3.32%. Steven Madden’s dividend payout ratio (DPR) is 35.74%.

Steven Madden 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.