Glenview Trust Co Acquires Shares of 83,317 Ross Stores, Inc. $ROST

Key Points

• Glenview Trust Co. initiated a sizable Ross Stores position, acquiring 83,317 shares worth approximately $17.7 million in the second quarter. Institutional investors collectively own 86.86% of the company.
• Analysts remain broadly positive, with 15 Buy ratings and six Holds; recent price-target increases helped establish a consensus “Moderate Buy” rating and average target of $263.76.
• Ross Stores reported strong quarterly results, posting $2.66 in earnings per share and $6.26 billion in revenue, exceeding estimates and representing 13.3% year-over-year revenue growth. The company also declared a quarterly dividend of $0.445 per share.

Glenview Trust Co acquired a new stake in Ross Stores, Inc. (NASDAQ:ROST - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 83,317 shares of the apparel retailer's stock, valued at approximately $17,734,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hilton Head Capital Partners LLC purchased a new position in shares of Ross Stores in the 4th quarter valued at about $26,000. Bard Associates Inc. purchased a new stake in Ross Stores during the fourth quarter worth about $31,000. Virtus Advisers LLC acquired a new position in Ross Stores during the fourth quarter worth about $32,000. Fideuram Asset Management Ireland dac acquired a new position in Ross Stores during the fourth quarter worth about $38,000. Finally, Bell Investment Advisors Inc acquired a new position in Ross Stores during the second quarter worth about $43,000. 86.86% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ROST shares. Wall Street Zen lowered shares of Ross Stores from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 20th. Barclays raised their target price on shares of Ross Stores from $260.00 to $298.00 and gave the company an "overweight" rating in a report on Friday, August 21st. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $294.00 target price on shares of Ross Stores in a research report on Friday, August 21st. Jefferies Financial Group upped their price target on shares of Ross Stores from $265.00 to $285.00 and gave the company a "buy" rating in a report on Friday, August 21st. Finally, JPMorgan Chase & Co. increased their price target on shares of Ross Stores from $262.00 to $272.00 and gave the company an "overweight" rating in a research report on Friday, August 21st. Fifteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Ross Stores has an average rating of "Moderate Buy" and an average price target of $263.76.

Ross Stores Stock Performance

Ross Stores stock opened at $229.87 on Friday. Ross Stores, Inc. has a 12-month low of $143.39 and a 12-month high of $257.00. The company has a market capitalization of $73.74 billion, a price-to-earnings ratio of 27.83, a price-to-earnings-growth ratio of 1.98 and a beta of 0.86. 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 firm's fifty day moving average price is $234.04 and its 200 day moving average price is $223.42.

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 for the quarter, topping analysts' consensus estimates of $1.95 by $0.71. The company had revenue of $6.26 billion for the quarter, compared to analysts' expectations of $6.16 billion. Ross Stores had a net margin of 10.85% and a return on equity of 39.29%. The firm's revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.56 earnings per share. On average, research analysts forecast that Ross Stores, Inc. will post 8.15 EPS for the current fiscal year.

Ross Stores Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders 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 dividend yield of 0.8%. The ex-dividend date is Tuesday, September 8th. Ross Stores's dividend payout ratio is 21.55%.

Ross Stores Profile

Ross Stores, Inc NASDAQ: ROST is an American off‑price retailer headquartered in Dublin, California, that operates the Ross Dress for Less and dd's DISCOUNTS store formats. The company sells a broad assortment of apparel, footwear, home fashions, accessories and other soft goods, positioning itself as a value-oriented destination for brand‑name and fashion merchandise at reduced prices.

Ross's business model centers on opportunistic buying of excess inventory, closeouts, cancelled orders and overstocks from manufacturers, department stores and other suppliers.

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