PNC Financial Services Group Inc. Raises Stake in Steven Madden, Ltd. (NASDAQ:SHOO)

PNC Financial Services Group Inc. increased its stake in shares of Steven Madden, Ltd. (NASDAQ:SHOO) by 6.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 13,185 shares of the textile maker’s stock after purchasing an additional 761 shares during the period. PNC Financial Services Group Inc.’s holdings in Steven Madden were worth $554,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in Steven Madden by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,024,238 shares of the textile maker’s stock worth $43,018,000 after purchasing an additional 26,177 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Steven Madden by 30.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,469,956 shares of the textile maker’s stock worth $61,738,000 after purchasing an additional 345,558 shares in the last quarter. Corient Private Wealth LLC purchased a new stake in Steven Madden during the 4th quarter worth about $809,000. Quantedge Capital Pte Ltd purchased a new stake in Steven Madden during the 4th quarter worth about $979,000. Finally, Vanguard Group Inc. lifted its holdings in Steven Madden by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 8,329,605 shares of the textile maker’s stock worth $264,632,000 after purchasing an additional 80,199 shares in the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.

Steven Madden Trading Down 1.1 %

Shares of NASDAQ SHOO opened at $43.04 on Thursday. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 17.79 and a beta of 1.12. Steven Madden, Ltd. has a 1-year low of $30.35 and a 1-year high of $45.91. The stock’s 50-day moving average is $42.25 and its 200 day moving average is $42.04.

Steven Madden (NASDAQ:SHOO) last announced its quarterly earnings data on Wednesday, May 1st. The textile maker reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09. The company had revenue of $552.38 million for the quarter, compared to analysts’ expectations of $525.04 million. Steven Madden had a return on equity of 22.68% and a net margin of 8.65%. Steven Madden’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period last year, the firm posted $0.50 EPS. On average, analysts forecast that Steven Madden, Ltd. will post 2.62 EPS for the current fiscal year.

Steven Madden Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Monday, June 10th were given a dividend of $0.21 per share. The ex-dividend date was Monday, June 10th. This represents a $0.84 annualized dividend and a yield of 1.95%. Steven Madden’s payout ratio is 34.71%.

Insider Buying and Selling

In related news, Director Peter Migliorini sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $43.81, for a total transaction of $131,430.00. Following the transaction, the director now directly owns 16,006 shares in the company, valued at approximately $701,222.86. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Peter Migliorini sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $43.81, for a total transaction of $131,430.00. Following the transaction, the director now directly owns 16,006 shares in the company, valued at approximately $701,222.86. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Karla Frieders sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $44.91, for a total value of $449,100.00. Following the transaction, the insider now owns 86,658 shares in the company, valued at $3,891,810.78. The disclosure for this sale can be found here. Insiders have sold a total of 14,600 shares of company stock worth $651,586 in the last ninety days. 2.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SHOO has been the topic of a number of recent research reports. BTIG Research increased their price objective on Steven Madden from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Citigroup raised their price target on Steven Madden from $41.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. StockNews.com raised Steven Madden from a “hold” rating to a “buy” rating in a report on Thursday, February 29th. Wedbush reaffirmed a “neutral” rating and issued a $41.00 price target on shares of Steven Madden in a report on Friday, May 17th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and issued a $44.00 price target on shares of Steven Madden in a report on Friday, April 26th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $43.38.

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.