State Street Corp Boosts Stock Position in Ross Stores, Inc. $ROST

Key Points

• State Street increased its Ross Stores position by 5.3% in the second quarter, adding 734,009 shares and bringing its holdings to 14.64 million shares worth approximately $3.12 billion. Institutional investors collectively own 86.86% of the company.
• Ross Stores reported strong quarterly results, with EPS of $2.66 versus the $1.95 analyst consensus and revenue of $6.26 billion, up 13.3% year over year. Analysts expect $8.15 in EPS for the current fiscal year, and the stock has a “Moderate Buy” consensus rating with an average $263.76 price target.
• The company declared a quarterly dividend of $0.445 per share, equivalent to $1.78 annually and a 0.8% yield. Meanwhile, CEO James Conroy and insider Stephen Brinkley sold shares, while insiders collectively own 2.10% of the company.

State Street Corp grew its position in shares of Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 5.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,643,656 shares of the apparel retailer's stock after purchasing an additional 734,009 shares during the quarter. State Street Corp owned approximately 4.58% of Ross Stores worth $3,116,902,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its position in shares of Ross Stores by 12.0% in the second quarter. Sequoia Financial Advisors LLC now owns 16,361 shares of the apparel retailer's stock valued at $3,482,000 after acquiring an additional 1,758 shares during the period. Tidal Investments LLC grew its stake in shares of Ross Stores by 14.2% in the second quarter. Tidal Investments LLC now owns 69,580 shares of the apparel retailer's stock worth $14,810,000 after purchasing an additional 8,673 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its holdings in Ross Stores by 2.8% during the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,447 shares of the apparel retailer's stock valued at $734,000 after purchasing an additional 95 shares during the period. NorthRock Partners LLC increased its holdings in Ross Stores by 10.2% during the 2nd quarter. NorthRock Partners LLC now owns 2,663 shares of the apparel retailer's stock valued at $567,000 after purchasing an additional 247 shares during the period. Finally, RFG Advisory LLC raised its position in Ross Stores by 3.8% during the 2nd quarter. RFG Advisory LLC now owns 1,430 shares of the apparel retailer's stock valued at $304,000 after purchasing an additional 52 shares during the last quarter. 86.86% of the stock is owned by hedge funds and other institutional investors.

Ross Stores Stock Performance

Shares of ROST opened at $232.51 on Wednesday. The business's fifty day simple moving average is $237.60 and its two-hundred day simple moving average is $227.13. The company has a current ratio of 1.61, a quick ratio of 0.98 and a debt-to-equity ratio of 0.12. Ross Stores, Inc. has a 12 month low of $144.00 and a 12 month high of $257.00. The company has a market cap of $74.28 billion, a price-to-earnings ratio of 28.15, a P/E/G ratio of 1.94 and a beta of 0.85.

Ross Stores (NASDAQ:ROST - Get Free Report) last posted its 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. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.56 EPS. Research analysts anticipate that Ross Stores, Inc. will post 8.15 earnings per share for the current fiscal year.

Ross Stores Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th will be issued a dividend of $0.445 per share. This represents a $1.78 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, September 8th. Ross Stores's dividend payout ratio (DPR) is currently 21.55%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ROST shares. Telsey Advisory Group boosted their target price on Ross Stores from $265.00 to $280.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Jefferies Financial Group lifted 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. Weiss Ratings reissued a "buy (b)" rating on shares of Ross Stores in a research report on Monday, July 6th. Citigroup upped their price objective on shares of Ross Stores from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, August 21st. Finally, Wells Fargo & Company raised their target price on shares of Ross Stores from $245.00 to $248.00 and gave the stock an "equal weight" 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's stock. According to data from MarketBeat, Ross Stores presently has an average rating of "Moderate Buy" and an average price target of $263.76.

Ross Stores Profile

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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