Principal Financial Group Inc. Grows Holdings in Steven Madden, Ltd. (NASDAQ:SHOO)

Principal Financial Group Inc. grew its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 391,937 shares of the textile maker's stock after buying an additional 10,741 shares during the quarter. Principal Financial Group Inc. owned 0.54% of Steven Madden worth $10,441,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Pictet Asset Management Holding SA increased its stake in Steven Madden by 17.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 10,503 shares of the textile maker's stock valued at $447,000 after acquiring an additional 1,594 shares during the last quarter. Deutsche Bank AG increased its position in shares of Steven Madden by 49.0% during the 4th quarter. Deutsche Bank AG now owns 64,998 shares of the textile maker's stock valued at $2,764,000 after purchasing an additional 21,363 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of 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. Allspring Global Investments Holdings LLC lifted its position in Steven Madden by 29.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,455,381 shares of the textile maker's stock worth $39,907,000 after buying an additional 332,689 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Steven Madden by 26.4% in the fourth quarter. JPMorgan Chase & Co. now owns 584,068 shares of the textile maker's stock worth $24,835,000 after buying an additional 121,972 shares in the last quarter. 99.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on SHOO. Telsey Advisory Group reissued a "market perform" rating and set a $24.00 price target on shares of Steven Madden in a research note on Wednesday, June 4th. Needham & Company LLC reaffirmed a "hold" rating on shares of Steven Madden in a report on Friday, May 2nd. Citigroup lowered their price target on shares of Steven Madden from $35.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. UBS Group upped their price target on shares of Steven Madden from $22.00 to $23.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Finally, Piper Sandler reduced their price objective on Steven Madden from $35.00 to $25.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Nine equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $28.50.

Steven Madden Stock Down 2.6%

Shares of Steven Madden stock traded down $0.67 during trading on Monday, reaching $24.84. 1,017,937 shares of the stock were exchanged, compared to its average volume of 1,532,891. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 10.71 and a beta of 1.10. Steven Madden, Ltd. has a 1 year low of $19.05 and a 1 year high of $50.01. The stock's fifty day moving average is $24.70 and its 200 day moving average is $29.36.

Steven Madden (NASDAQ:SHOO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The textile maker reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.14. The firm had revenue of $551.38 million for the quarter, compared to analyst estimates of $557.81 million. Steven Madden had a return on equity of 21.63% and a net margin of 7.26%. The business's quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the company earned $0.65 EPS. Equities analysts forecast that Steven Madden, Ltd. will post 2.66 earnings per share for the current year.

Steven Madden Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Monday, June 9th were given a dividend of $0.21 per share. The ex-dividend date was Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 3.38%. Steven Madden's payout ratio is 36.21%.

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.