National Bank of Canada FI Purchases 65,650 Shares of Ross Stores, Inc. (NASDAQ:ROST)

Key Points

• National Bank of Canada FI increased its stake in Ross Stores, Inc. by 27.5%, acquiring approximately 304,614 shares valued at $38.9 million as of the most recent reporting period.
• Analysts have given Ross Stores a consensus rating of "Moderate Buy" with a consensus price target of $159.06, reflecting positive outlooks from firms like JPMorgan Chase and Jefferies.
• The company reported strong quarterly earnings with $1.47 EPS, exceeding forecasts and achieving a revenue of $4.98 billion, a 2.6% increase from the previous year.

National Bank of Canada FI raised its position in Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 27.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 304,614 shares of the apparel retailer's stock after acquiring an additional 65,650 shares during the period. National Bank of Canada FI owned about 0.09% of Ross Stores worth $38,926,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC raised its holdings in shares of Ross Stores by 50.7% in the 1st quarter. Golden State Wealth Management LLC now owns 217 shares of the apparel retailer's stock worth $28,000 after buying an additional 73 shares in the last quarter. Bayforest Capital Ltd increased its holdings in Ross Stores by 372.5% during the 1st quarter. Bayforest Capital Ltd now owns 241 shares of the apparel retailer's stock valued at $31,000 after purchasing an additional 190 shares in the last quarter. Tradewinds Capital Management LLC increased its holdings in Ross Stores by 36.6% during the 1st quarter. Tradewinds Capital Management LLC now owns 280 shares of the apparel retailer's stock valued at $36,000 after purchasing an additional 75 shares in the last quarter. Putney Financial Group LLC acquired a new stake in Ross Stores during the 4th quarter valued at $44,000. Finally, Cary Street Partners Financial LLC acquired a new stake in Ross Stores during the 4th quarter valued at $48,000. 86.86% of the stock is owned by institutional investors and hedge funds.

Ross Stores Price Performance

NASDAQ ROST traded down $1.69 on Thursday, hitting $148.59. 962,972 shares of the company's stock were exchanged, compared to its average volume of 3,055,244. Ross Stores, Inc. has a 52 week low of $122.36 and a 52 week high of $163.60. The stock has a market cap of $48.60 billion, a price-to-earnings ratio of 23.46, a P/E/G ratio of 2.84 and a beta of 1.11. The company has a current ratio of 1.55, a quick ratio of 0.95 and a debt-to-equity ratio of 0.18. The stock has a 50-day moving average of $134.95 and a 200-day moving average of $137.34.

Ross Stores (NASDAQ:ROST - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The apparel retailer reported $1.47 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.03. Ross Stores had a return on equity of 38.77% and a net margin of 9.79%. The business had revenue of $4.98 billion during the quarter, compared to the consensus estimate of $4.94 billion. During the same period in the prior year, the business posted $1.46 earnings per share. Ross Stores's quarterly revenue was up 2.6% on a year-over-year basis. Analysts expect 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 was paid on Monday, June 30th. Stockholders of record on Tuesday, June 10th were paid 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 was Tuesday, June 10th. Ross Stores's payout ratio is presently 25.59%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ROST shares. Wells Fargo & Company dropped their price target on Ross Stores from $155.00 to $150.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Evercore ISI lowered their target price on Ross Stores from $170.00 to $160.00 and set an "outperform" rating for the company in a research note on Friday, May 23rd. Wall Street Zen lowered Ross Stores from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Morgan Stanley reduced their target price on Ross Stores from $128.00 to $126.00 and set an "equal weight" rating on the stock in a report on Friday, May 23rd. Finally, JPMorgan Chase & Co. lifted their target price on Ross Stores from $154.00 to $156.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $159.06.

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.