Bank of America Corp DE Makes New Investment in Ross Stores, Inc. $ROST

Key Points

• Bank of America acquired 9.51 million Ross Stores shares in the second quarter, worth approximately $2.02 billion and representing a 2.96% stake. Institutional investors collectively own 86.86% of the company.
• Ross Stores reported strong quarterly results, with EPS of $2.66 versus the $1.95 consensus estimate and revenue of $6.26 billion, up 13.3% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $263.76 versus the stock’s reported $230.04 price. The company also announced a quarterly dividend of $0.445 per share.

Bank of America Corp DE acquired a new stake in Ross Stores, Inc. (NASDAQ:ROST - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 9,509,998 shares of the apparel retailer's stock, valued at approximately $2,024,203,000. Bank of America Corp DE owned 2.96% of Ross Stores at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ROST. Cooper Financial Group increased its holdings in Ross Stores by 2.8% during the 2nd quarter. Cooper Financial Group now owns 1,919 shares of the apparel retailer's stock valued at $409,000 after purchasing an additional 52 shares in the last quarter. Independent Advisor Alliance increased its position in Ross Stores by 1.7% in the 4th quarter. Independent Advisor Alliance now owns 3,309 shares of the apparel retailer's stock valued at $596,000 after acquiring an additional 55 shares in the last quarter. CYBER HORNET ETFs LLC raised its stake in shares of Ross Stores by 6.1% in the fourth quarter. CYBER HORNET ETFs LLC now owns 954 shares of the apparel retailer's stock worth $172,000 after acquiring an additional 55 shares during the last quarter. MCF Advisors LLC lifted its position in shares of Ross Stores by 4.6% during the fourth quarter. MCF Advisors LLC now owns 1,292 shares of the apparel retailer's stock worth $233,000 after purchasing an additional 57 shares in the last quarter. Finally, Caxton Associates LLP lifted its position in shares of Ross Stores by 4.3% during the first quarter. Caxton Associates LLP now owns 1,421 shares of the apparel retailer's stock worth $308,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 86.86% of the company's stock.

Ross Stores Stock Down 0.3%

Ross Stores stock opened at $230.04 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.61 and a quick ratio of 0.98. The company's 50-day moving average is $236.51 and its 200-day moving average is $226.10. The firm has a market capitalization of $73.49 billion, a PE ratio of 27.85, a P/E/G ratio of 1.94 and a beta of 0.85. Ross Stores, Inc. has a fifty-two week low of $143.39 and a fifty-two week high of $257.00.

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

Ross Stores Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.445 per share. This represents a $1.78 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 8th. Ross Stores's payout ratio is 21.55%.

Analyst Upgrades and Downgrades

ROST has been the topic of a number of recent research reports. Evercore set a $290.00 price objective on Ross Stores in a research report on Friday, August 21st. The Goldman Sachs Group reissued a "buy" rating and set a $270.00 price target on shares of Ross Stores in a research report on Friday, May 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of Ross Stores in a research report on Monday, July 6th. Sanford C. Bernstein increased their price objective on Ross Stores from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Friday, August 21st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Ross Stores from $262.00 to $272.00 and gave the company an "overweight" rating in a research note on Friday, August 21st. Fifteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $263.76.

About Ross Stores

Ross Stores, Inc NASDAQ: ROST is an off-price retailer that operates Ross Dress for Less and dd's DISCOUNTS stores. The company sells a broad selection of apparel, accessories, footwear and home fashion merchandise for women, men and children, generally at prices below those of traditional department and specialty stores.

Ross Stores follows an opportunistic buying model, purchasing name-brand, designer and other merchandise from manufacturers and retailers at discounted prices. Its product assortment changes frequently and can include clothing, shoes, handbags, jewelry, beauty products, furniture, bedding, home décor and other household goods.

Founded in 1950, the company is headquartered in Dublin, California, and serves customers primarily through its store network across the United States and Guam.

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