Synovus Financial Corp Cuts Holdings in Steven Madden, Ltd. (NASDAQ:SHOO)

Synovus Financial Corp trimmed its position in Steven Madden, Ltd. (NASDAQ:SHOO) by 10.8% in the third quarter, HoldingsChannel reports. The firm owned 14,242 shares of the textile maker’s stock after selling 1,725 shares during the quarter. Synovus Financial Corp’s holdings in Steven Madden were worth $698,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tidal Investments LLC lifted its holdings in Steven Madden by 15.1% during the third quarter. Tidal Investments LLC now owns 17,375 shares of the textile maker’s stock worth $851,000 after acquiring an additional 2,278 shares during the period. Geode Capital Management LLC lifted its holdings in Steven Madden by 3.0% during the third quarter. Geode Capital Management LLC now owns 1,710,492 shares of the textile maker’s stock valued at $83,812,000 after purchasing an additional 49,075 shares during the last quarter. Barclays PLC increased 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 in the last quarter. Weiss Asset Management LP bought a new stake in shares of Steven Madden in the third quarter valued at approximately $12,558,000. Finally, State Street Corp raised its position in shares of Steven Madden by 1.7% in the third quarter. State Street Corp now owns 2,756,075 shares of the textile maker’s stock valued at $135,020,000 after purchasing an additional 47,017 shares during the period. Hedge funds and other institutional investors own 99.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SHOO. Needham & Company LLC reiterated a “hold” rating on shares of Steven Madden in a research note on Thursday, December 5th. Telsey Advisory Group reissued a “market perform” rating and set a $50.00 price objective on shares of Steven Madden in a report on Wednesday, November 13th. Piper Sandler reaffirmed a “neutral” rating and set a $45.00 target price on shares of Steven Madden in a report on Friday, August 23rd. Citigroup increased their price target on shares of Steven Madden from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, StockNews.com cut shares of Steven Madden from a “buy” rating to a “hold” rating in a research note on Sunday, November 24th. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $45.43.

Steven Madden Price Performance

Shares of SHOO opened at $43.26 on Wednesday. Steven Madden, Ltd. has a 1-year low of $37.99 and a 1-year high of $50.01. The company has a market capitalization of $3.12 billion, a P/E ratio of 18.41 and a beta of 1.07. The firm’s 50 day simple moving average is $45.11 and its 200 day simple moving average is $44.70.

Steven Madden (NASDAQ:SHOO) last announced its earnings results on Thursday, November 7th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.02. The company had revenue of $624.68 million during the quarter, compared to analyst estimates of $607.89 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 earnings per share. On average, equities analysts anticipate that Steven Madden, Ltd. will post 2.66 earnings per share for the current year.

Steven Madden Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.84 annualized dividend and a dividend yield of 1.94%. Steven Madden’s dividend payout ratio (DPR) is presently 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.