Zacks Investment Research upgraded shares of Stein Mart Inc. (NASDAQ:SMRT) from a sell rating to a hold rating in a report published on Friday.

According to Zacks, “Stein Mart, Inc. operates retail store chain offering fashionable, current-season, primarily branded merchandise comparable in quality and presentation to that of traditional department and fine specialty stores at prices typically 25% to 60% below those regularly charged by such stores. The company is focused on assorting merchandise that features moderate to designer brand-name apparel for women, men and children, as well as accessories, gifts, linens, shoes and fragrances. “

Separately, TheStreet upgraded shares of Stein Mart from a hold rating to a buy rating in a report on Monday, August 15th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $7.50.

Stein Mart (NASDAQ:SMRT) opened at 7.56 on Friday. The firm’s 50-day moving average is $8.20 and its 200 day moving average is $7.56. The firm has a market cap of $354.58 million, a PE ratio of 15.82 and a beta of 0.90. Stein Mart has a 12-month low of $5.61 and a 12-month high of $10.38.

Stein Mart (NASDAQ:SMRT) last released its earnings results on Friday, August 19th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by $0.01. Stein Mart had a return on equity of 30.61% and a net margin of 1.63%. The company earned $319 million during the quarter. During the same quarter in the previous year, the company earned $0.10 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. Equities research analysts predict that Stein Mart will post $0.57 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 29th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 3.97%. Stein Mart’s dividend payout ratio is currently 63.83%.

Hedge funds have recently bought and sold shares of the stock. California Public Employees Retirement System raised its stake in Stein Mart by 4.6% in the second quarter. California Public Employees Retirement System now owns 195,500 shares of the company’s stock worth $1,509,000 after buying an additional 8,600 shares in the last quarter. California State Teachers Retirement System raised its stake in Stein Mart by 5.0% in the second quarter. California State Teachers Retirement System now owns 65,304 shares of the company’s stock worth $504,000 after buying an additional 3,133 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Stein Mart by 3.1% in the second quarter. Bank of New York Mellon Corp now owns 542,647 shares of the company’s stock worth $4,189,000 after buying an additional 16,092 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in Stein Mart by 5,393.2% in the second quarter. Wedge Capital Management L L P NC now owns 3,960,627 shares of the company’s stock worth $53,746,000 after buying an additional 3,888,527 shares in the last quarter. Finally, Strs Ohio raised its stake in Stein Mart by 2.0% in the second quarter. Strs Ohio now owns 82,500 shares of the company’s stock worth $636,000 after buying an additional 1,600 shares in the last quarter. Institutional investors own 50.67% 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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