Ross Stores, Inc. $ROST Shares Sold by Comerica Bank

Key Points

• Comerica Bank has decreased its stake in Ross Stores, Inc. by 3.1%, now holding 67,337 shares valued at $8.61 million.
• Analysts have recently raised various price targets for Ross Stores, with most now set between $160.00 and $170.00, reflecting a positive outlook on the company's performance.
• The company announced a quarterly dividend of $0.405 per share, resulting in an annualized dividend yield of 1.1%, with a payout ratio of 25.71%.

Comerica Bank trimmed its holdings in Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 3.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 67,337 shares of the apparel retailer's stock after selling 2,179 shares during the period. Comerica Bank's holdings in Ross Stores were worth $8,605,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC raised its position in shares of Ross Stores by 50.7% in the first quarter. Golden State Wealth Management LLC now owns 217 shares of the apparel retailer's stock valued at $28,000 after buying an additional 73 shares during the last quarter. Bayforest Capital Ltd raised its position in shares of Ross Stores by 372.5% in the first quarter. Bayforest Capital Ltd now owns 241 shares of the apparel retailer's stock valued at $31,000 after buying an additional 190 shares during the last quarter. Tradewinds Capital Management LLC raised its position in shares of Ross Stores by 36.6% in the first quarter. Tradewinds Capital Management LLC now owns 280 shares of the apparel retailer's stock valued at $36,000 after buying an additional 75 shares during the last quarter. Putney Financial Group LLC acquired a new stake in shares of Ross Stores in the fourth quarter valued at about $44,000. Finally, Cary Street Partners Financial LLC acquired a new stake in shares of Ross Stores in the fourth quarter valued at about $48,000. 86.86% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Morgan Stanley raised their price objective on shares of Ross Stores from $128.00 to $130.00 and gave the stock an "equal weight" rating in a research report on Friday, August 22nd. Telsey Advisory Group restated a "market perform" rating and set a $160.00 price objective (up from $150.00) on shares of Ross Stores in a research report on Monday, August 18th. JPMorgan Chase & Co. raised their price objective on shares of Ross Stores from $156.00 to $160.00 and gave the stock an "overweight" rating in a research report on Friday, August 22nd. Jefferies Financial Group raised shares of Ross Stores from a "hold" rating to a "buy" rating and increased their target price for the stock from $135.00 to $150.00 in a research note on Wednesday, July 2nd. Finally, Loop Capital lowered their target price on shares of Ross Stores from $175.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, May 23rd. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $160.67.

Ross Stores Stock Down 1.3%

ROST stock traded down $1.89 during midday trading on Monday, reaching $147.16. 2,633,607 shares of the company were exchanged, compared to its average volume of 3,348,483. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.58. Ross Stores, Inc. has a 1-year low of $122.36 and a 1-year high of $158.69. The stock's 50-day simple moving average is $138.06 and its 200 day simple moving average is $137.37. The company has a market cap of $48.13 billion, a price-to-earnings ratio of 23.36, a price-to-earnings-growth ratio of 2.83 and a beta of 1.15.

Ross Stores (NASDAQ:ROST - Get Free Report) last released its quarterly earnings data on Thursday, August 21st. The apparel retailer reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.02. The company had revenue of $5.53 billion for the quarter, compared to analysts' expectations of $5.54 billion. Ross Stores had a net margin of 9.60% and a return on equity of 37.37%. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the company earned $1.59 earnings per share. On average, equities analysts forecast that Ross Stores, Inc. will post 6.17 earnings per share for the current year.

Ross Stores Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 9th. Ross Stores's payout ratio is presently 25.71%.

Ross Stores Profile

Ross Stores, Inc, together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.