Published On: Sat, Sep 17th, 2016

Stein Mart Inc. (SMRT) Shares Up 1.8% After Dividend Announcement

Stein Mart Inc. (NASDAQ:SMRT) rose 1.8% during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as $7.79 and last traded at $7.75, with a volume of 157,923 shares traded. The stock had previously closed at $7.61.
The newly announced dividend which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 29th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 3.88%. Stein Mart’s payout ratio is 63.83%.
SMRT has been the topic of a number of research analyst reports. TheStreet raised Stein Mart from a “hold” rating to a “buy” rating in a research note on Monday, August 15th. Zacks Investment Research raised Stein Mart from a “sell” rating to a “hold” rating in a research note on Wednesday, July 20th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Stein Mart presently has a consensus rating of “Hold” and a consensus price target of $7.50.

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The firm’s 50-day moving average is $8.29 and its 200-day moving average is $7.55. The stock has a market cap of $363.02 million, a price-to-earnings ratio of 16.19 and a beta of 0.90.
Stein Mart (NASDAQ:SMRT) last announced its quarterly earnings data on Friday, August 19th. The company reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by $0.01. The firm earned $319 million during the quarter. Stein Mart had a net margin of 1.63% and a return on equity of 30.61%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the business posted $0.10 EPS. On average, equities research analysts anticipate that Stein Mart Inc. will post $0.57 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Louisiana State Employees Retirement System raised its stake in shares of Stein Mart by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 13,100 shares of the company’s stock valued at $101,000 after buying an additional 200 shares during the period. Alliancebernstein L.P. raised its stake in shares of Stein Mart by 32.4% in the second quarter. Alliancebernstein L.P. now owns 13,900 shares of the company’s stock worth $107,000 after buying an additional 3,400 shares during the period. BlackRock Advisors LLC raised its stake in shares of Stein Mart by 9.9% in the second quarter. BlackRock Advisors LLC now owns 14,019 shares of the company’s stock worth $108,000 after buying an additional 1,260 shares during the period. Arizona State Retirement System raised its stake in shares of Stein Mart by 3.5% in the first quarter. Arizona State Retirement System now owns 14,907 shares of the company’s stock worth $109,000 after buying an additional 500 shares during the period. Finally, American International Group Inc. raised its stake in shares of Stein Mart by 3.7% in the second quarter. American International Group Inc. now owns 22,928 shares of the company’s stock worth $177,000 after buying an additional 815 shares during the period. Institutional investors and hedge funds own 50.72% of the company’s stock.
Stein Mart Company Profile
Stein Mart, Inc is a national retailer offering the fashion merchandise, service and presentation of a department or specialty store. The Company offers apparel for women and men, as well as accessories, shoes and home fashions. The Company’s target customers are women over 45 years old. The Company operates approximately 280 stores in over 30 states and an Internet store.

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