5,786 Ross Stores, Inc. $ROST Shares Acquired by Glenview Trust Co

Key Points

• Glenview Trust Co. increased its Ross Stores stake by 6.9% in the third quarter, acquiring 5,786 shares and bringing its holdings to 89,103 shares valued at approximately $20.8 million. Institutional investors collectively own 86.86% of the company.
• Analysts remain broadly positive, with Ross Stores receiving a “Moderate Buy” consensus rating and an average price target of $272.06; recent targets range from $248 to $298.
• Ross Stores reported quarterly revenue of $6.26 billion and EPS of $2.66, exceeding analyst expectations, while revenue rose 13.3% year over year. The company also pays a quarterly dividend of $0.445 per share, representing a 0.8% yield.

Glenview Trust Co raised its stake in Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 6.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 89,103 shares of the apparel retailer's stock after acquiring an additional 5,786 shares during the period. Glenview Trust Co's holdings in Ross Stores were worth $20,797,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Ross Stores in the 2nd quarter worth about $5,938,711,000. State Street Corp boosted its stake in Ross Stores by 5.3% in the 2nd quarter. State Street Corp now owns 14,643,656 shares of the apparel retailer's stock worth $3,116,902,000 after purchasing an additional 734,009 shares in the last quarter. Bank of America Corp DE bought a new position in Ross Stores in the 2nd quarter worth about $2,024,203,000. Primecap Management Co. CA bought a new position in Ross Stores in the 2nd quarter worth about $1,937,995,000. Finally, Wellington Management Group LLP grew its position in Ross Stores by 89.2% during the 2nd quarter. Wellington Management Group LLP now owns 6,615,682 shares of the apparel retailer's stock valued at $1,408,148,000 after purchasing an additional 3,118,591 shares during the last quarter. 86.86% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on ROST. Wolfe Research assumed coverage on shares of Ross Stores in a research note on Wednesday, October 21st. They set an "outperform" rating and a $279.00 price objective for the company. Robert W. Baird lifted their target price on shares of Ross Stores from $250.00 to $270.00 and gave the stock an "outperform" rating in a report on Friday, August 21st. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $294.00 target price on shares of Ross Stores in a research note on Friday, August 21st. Wells Fargo & Company increased their price target on shares of Ross Stores from $245.00 to $248.00 and gave the company an "equal weight" rating in a report on Friday, August 21st. Finally, Barclays raised their price target on shares of Ross Stores from $260.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Ross Stores presently has an average rating of "Moderate Buy" and an average price target of $272.06.

Insiders Place Their Bets

In other news, CEO James Conroy sold 49,205 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $229.48, for a total value of $11,291,563.40. Following the transaction, the chief executive officer directly owned 134,349 shares in the company, valued at $30,830,408.52. This trade represents a 26.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Stephen Brinkley sold 6,424 shares of Ross Stores stock in a transaction on Monday, September 14th. The stock was sold at an average price of $229.66, for a total value of $1,475,335.84. Following the completion of the sale, the insider directly owned 51,665 shares of the company's stock, valued at $11,865,383.90. The trade was a 11.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.10% of the company's stock.

Ross Stores Stock Down 1.7%

ROST opened at $228.28 on Friday. The stock has a market capitalization of $72.92 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 2.07 and a beta of 0.83. The firm has a 50 day moving average price of $231.17 and a 200-day moving average price of $222.06. Ross Stores, Inc. has a twelve month low of $157.39 and a twelve month high of $257.00. The company has a quick ratio of 0.98, a current ratio of 1.61 and a debt-to-equity ratio of 0.12.

Ross Stores (NASDAQ:ROST - Get Free Report) last issued its earnings results on Thursday, August 20th. The apparel retailer reported $2.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.71. Ross Stores had a net margin of 10.85% and a return on equity of 39.29%. The company had revenue of $6.26 billion for the quarter, compared to analysts' expectations of $6.16 billion. During the same quarter last year, the company posted $1.56 earnings per share. The firm's quarterly revenue was up 13.3% on a year-over-year basis. Equities research analysts forecast that Ross Stores, Inc. will post 8.15 earnings per share for the current year.

Ross Stores Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 8th were issued a dividend of $0.4450 per share. This represents a $1.78 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, September 8th. Ross Stores's dividend payout ratio is presently 21.55%.

About Ross Stores

Ross Stores, Inc is an off-price apparel and home fashion retailer headquartered in Dublin, California. The company operates primarily through its Ross Dress for Less stores, which offer branded and designer apparel, accessories, footwear, and home merchandise at discounts to regular department and specialty store prices.

Ross Stores also operates dd's DISCOUNTS, a chain focused on value-oriented apparel, accessories, footwear, and home products. Both retail formats generally purchase merchandise opportunistically from manufacturers, department stores, and other suppliers, allowing the company to offer changing assortments and discounted prices.

Founded in 1950, Ross Stores serves customers across the United States through its store network and e-commerce presence.

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