Principal Financial Group Inc. Purchases 656 Shares of Steven Madden, Ltd. (NASDAQ:SHOO)

Principal Financial Group Inc. lifted its position in Steven Madden, Ltd. (NASDAQ:SHOO) by 0.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 369,594 shares of the textile maker’s stock after purchasing an additional 656 shares during the period. Principal Financial Group Inc. owned about 0.51% of Steven Madden worth $18,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Harbor Capital Advisors Inc. increased its stake in Steven Madden by 149.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 122,005 shares of the textile maker’s stock worth $5,977,000 after buying an additional 73,165 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of Steven Madden by 0.9% in the third quarter. New York State Teachers Retirement System now owns 79,020 shares of the textile maker’s stock worth $3,871,000 after acquiring an additional 668 shares during the period. abrdn plc boosted its stake in shares of Steven Madden by 2.7% in the third quarter. abrdn plc now owns 558,015 shares of the textile maker’s stock worth $27,242,000 after acquiring an additional 14,841 shares during the period. State of Alaska Department of Revenue grew its position in shares of Steven Madden by 2.3% during the third quarter. State of Alaska Department of Revenue now owns 41,439 shares of the textile maker’s stock worth $2,030,000 after purchasing an additional 933 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in Steven Madden by 1.2% during the 3rd quarter. Louisiana State Employees Retirement System now owns 35,100 shares of the textile maker’s stock valued at $1,720,000 after purchasing an additional 400 shares during the period. 99.88% of the stock is currently owned by institutional investors.

Steven Madden Stock Down 0.7 %

Steven Madden stock opened at $43.95 on Friday. The company’s 50-day moving average price is $46.42 and its 200-day moving average price is $44.28. The company has a market cap of $3.17 billion, a PE ratio of 18.70 and a beta of 1.08. Steven Madden, Ltd. has a twelve month low of $35.64 and a twelve month high of $50.01.

Steven Madden (NASDAQ:SHOO) last issued its quarterly earnings data on Thursday, November 7th. The textile maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.02. The company had revenue of $624.68 million for the quarter, compared to analysts’ expectations of $607.89 million. Steven Madden had a return on equity of 23.41% and a net margin of 7.68%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 earnings per share. As a group, sell-side analysts expect that Steven Madden, Ltd. will post 2.65 earnings per share for the current fiscal year.

Steven Madden Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, December 13th. This represents a $0.84 annualized dividend and a yield of 1.91%. Steven Madden’s payout ratio is presently 35.74%.

Analyst Upgrades and Downgrades

SHOO has been the subject of several recent analyst reports. Citigroup upped their price target on Steven Madden from $43.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Telsey Advisory Group restated a “market perform” rating and set a $50.00 target price on shares of Steven Madden in a research report on Wednesday. StockNews.com downgraded shares of Steven Madden from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Wedbush reiterated a “neutral” rating and issued a $41.00 price target on shares of Steven Madden in a research note on Wednesday, August 7th. Finally, Piper Sandler restated a “neutral” rating and set a $45.00 price objective on shares of Steven Madden in a research report on Friday, August 23rd. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.43.

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.