Wells Fargo & Co reissued their buy rating on shares of Ross Stores (NASDAQ:ROST) in a research report sent to investors on Wednesday, March 7th. Wells Fargo & Co currently has a $86.00 price target on the apparel retailer’s stock, down from their prior price target of $91.00.
A number of other brokerages have also recently commented on ROST. BidaskClub upgraded Ross Stores from a hold rating to a buy rating in a report on Wednesday, December 27th. SunTrust Banks set a $80.00 price objective on Ross Stores and gave the company a buy rating in a research note on Friday, November 17th. Cowen set a $78.00 price objective on Ross Stores and gave the company a buy rating in a research note on Saturday, November 18th. Telsey Advisory Group lifted their price objective on Ross Stores from $70.00 to $75.00 and gave the company an outperform rating in a research note on Friday, November 17th. Finally, Royal Bank of Canada set a $82.00 price objective on Ross Stores and gave the company a hold rating in a research note on Tuesday, March 6th. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Ross Stores currently has a consensus rating of Buy and a consensus price target of $81.86.
Shares of Ross Stores (ROST) traded down $0.24 during trading on Wednesday, reaching $76.76. The company had a trading volume of 1,431,564 shares, compared to its average volume of 2,686,658. Ross Stores has a 12 month low of $52.85 and a 12 month high of $85.66. The stock has a market cap of $29,207.42, a PE ratio of 21.64, a price-to-earnings-growth ratio of 1.90 and a beta of 1.09. The company has a quick ratio of 0.78, a current ratio of 1.64 and a debt-to-equity ratio of 0.10.
Ross Stores (NASDAQ:ROST) last announced its earnings results on Tuesday, March 6th. The apparel retailer reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. Ross Stores had a return on equity of 44.53% and a net margin of 9.64%. The company had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $3.95 billion. equities research analysts anticipate that Ross Stores will post 4.03 EPS for the current year.
Ross Stores announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 6th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the apparel retailer to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Monday, March 19th will be given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Friday, March 16th. This is a positive change from Ross Stores’s previous quarterly dividend of $0.16. Ross Stores’s dividend payout ratio (DPR) is 18.03%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Cerebellum GP LLC acquired a new stake in shares of Ross Stores during the 4th quarter worth about $132,000. Zions Bancorporation raised its position in shares of Ross Stores by 338.9% during the 3rd quarter. Zions Bancorporation now owns 2,120 shares of the apparel retailer’s stock worth $137,000 after acquiring an additional 1,637 shares in the last quarter. Sit Investment Associates Inc. raised its position in shares of Ross Stores by 255.1% during the 4th quarter. Sit Investment Associates Inc. now owns 1,900 shares of the apparel retailer’s stock worth $152,000 after acquiring an additional 1,365 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Ross Stores during the 4th quarter worth about $159,000. Finally, Financial Gravity Companies Inc. acquired a new position in Ross Stores during the fourth quarter worth approximately $164,000. 89.58% of the stock is currently owned by institutional investors and hedge funds.
About Ross Stores
Ross Stores, Inc and its subsidiaries operate two brands of off-price retail apparel and home fashion stores-Ross Dress for Less (Ross) and dd’s DISCOUNTS. The Company is the off-price apparel and home fashion chain in the United States, with 1,340 locations in 36 states, the District of Columbia and Guam, as of January 28, 2017.
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