Corebridge Financial Inc. Sells 3,030 Shares of Steven Madden, Ltd. (NASDAQ:SHOO)

Corebridge Financial Inc. cut its position in Steven Madden, Ltd. (NASDAQ:SHOO) by 7.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 38,587 shares of the textile maker’s stock after selling 3,030 shares during the period. Corebridge Financial Inc.’s holdings in Steven Madden were worth $1,641,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Central Pacific Bank Trust Division grew its position 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 period. Moran Wealth Management LLC lifted its stake in Steven Madden by 1.6% in the 4th quarter. Moran Wealth Management LLC now owns 21,126 shares of the textile maker’s stock valued at $898,000 after purchasing an additional 325 shares during the last quarter. Blue Trust Inc. grew its holdings in Steven Madden by 20.9% during the fourth quarter. Blue Trust Inc. now owns 1,958 shares of the textile maker’s stock worth $83,000 after purchasing an additional 339 shares during the period. Xponance Inc. increased its position in Steven Madden by 12.3% during the fourth quarter. Xponance Inc. now owns 5,320 shares of the textile maker’s stock worth $226,000 after buying an additional 584 shares during the last quarter. Finally, New York State Teachers Retirement System raised its stake in Steven Madden by 0.8% in the fourth quarter. New York State Teachers Retirement System now owns 79,672 shares of the textile maker’s stock valued at $3,388,000 after buying an additional 652 shares during the period. 99.88% of the stock is currently owned by institutional investors and hedge funds.

Steven Madden Stock Up 3.1 %

NASDAQ SHOO opened at $28.28 on Thursday. Steven Madden, Ltd. has a 12-month low of $24.56 and a 12-month high of $50.01. The firm has a 50-day moving average price of $33.37 and a two-hundred day moving average price of $40.76. The company has a market capitalization of $2.05 billion, a P/E ratio of 12.03 and a beta of 1.06.

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

Steven Madden Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were given a dividend of $0.21 per share. The ex-dividend date was Monday, March 10th. This represents a $0.84 annualized dividend and a yield of 2.97%. Steven Madden’s dividend payout ratio is 35.74%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. StockNews.com lowered Steven Madden from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Jefferies Financial Group reiterated a “hold” rating on shares of Steven Madden in a report on Monday, February 3rd. Needham & Company LLC restated a “hold” rating on shares of Steven Madden in a research note on Thursday, February 27th. Telsey Advisory Group decreased their price target on shares of Steven Madden from $44.00 to $38.00 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. Finally, Piper Sandler cut 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 report on Tuesday, February 4th. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $40.33.

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.