Ross Stores (ROST) Given a $94.00 Price Target at Bank of America

Bank of America set a $94.00 target price on Ross Stores (NASDAQ:ROST) in a report released on Tuesday morning. The firm currently has a buy rating on the apparel retailer’s stock.

ROST has been the subject of a number of other reports. Morgan Stanley upped their price target on shares of Ross Stores from $70.00 to $77.00 and gave the company an overweight rating in a report on Friday, November 17th. Telsey Advisory Group upped their price target on shares of Ross Stores from $70.00 to $75.00 and gave the company an outperform rating in a report on Friday, November 17th. BidaskClub upgraded shares of Ross Stores from a hold rating to a buy rating in a report on Wednesday, December 27th. Jefferies Group set a $66.00 price target on shares of Ross Stores and gave the company a hold rating in a report on Saturday, November 18th. Finally, Buckingham Research upped their price target on shares of Ross Stores from $71.00 to $72.00 and gave the company a neutral rating in a report on Friday, November 17th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $80.86.

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Shares of Ross Stores (NASDAQ:ROST) opened at $77.01 on Tuesday. The firm has a market cap of $29,430.00, a P/E ratio of 21.69, a PEG ratio of 1.89 and a beta of 1.09. The company has a quick ratio of 0.68, a current ratio of 1.64 and a debt-to-equity ratio of 0.10. Ross Stores has a 1-year low of $52.85 and a 1-year high of $85.66.

Ross Stores declared that its Board of Directors has approved a stock buyback program on Tuesday, March 6th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the apparel retailer to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Monday, March 19th will be issued a $0.225 dividend. The ex-dividend date is Friday, March 16th. This is a positive change from Ross Stores’s previous quarterly dividend of $0.16. This represents a $0.90 annualized dividend and a yield of 1.17%. Ross Stores’s dividend payout ratio is 18.03%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its holdings in Ross Stores by 13.1% in the 3rd quarter. Principal Financial Group Inc. now owns 7,332,752 shares of the apparel retailer’s stock worth $473,476,000 after purchasing an additional 849,789 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Ross Stores by 0.7% in the 4th quarter. Franklin Resources Inc. now owns 5,999,599 shares of the apparel retailer’s stock worth $481,468,000 after buying an additional 41,093 shares during the period. Flossbach Von Storch AG grew its position in shares of Ross Stores by 10.7% in the 3rd quarter. Flossbach Von Storch AG now owns 5,533,170 shares of the apparel retailer’s stock worth $357,277,000 after buying an additional 532,900 shares during the period. Amundi Pioneer Asset Management Inc. grew its position in shares of Ross Stores by 63.4% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 5,456,503 shares of the apparel retailer’s stock worth $437,885,000 after buying an additional 2,117,771 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Ross Stores by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 5,265,781 shares of the apparel retailer’s stock worth $340,012,000 after buying an additional 85,983 shares during the period. Institutional investors and hedge funds own 88.60% of the company’s stock.

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Ross Stores Company Profile

Ross Stores, Inc and its subsidiaries operate two brands of off-price retail apparel and home fashion stores-Ross Dress for Less (Ross) and dd’s DISCOUNTS. The Company is the off-price apparel and home fashion chain in the United States, with 1,340 locations in 36 states, the District of Columbia and Guam, as of January 28, 2017.

Analyst Recommendations for Ross Stores (NASDAQ:ROST)

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