Ross Stores, Inc. (NASDAQ:ROST) – Research analysts at SunTrust Banks boosted their FY2019 earnings estimates for Ross Stores in a research report issued on Wednesday. SunTrust Banks analyst P. Quintiliano now expects that the apparel retailer will post earnings per share of $4.07 for the year, up from their previous estimate of $3.65. SunTrust Banks currently has a “Buy” rating and a $93.00 target price on the stock. SunTrust Banks also issued estimates for Ross Stores’ FY2020 earnings at $4.54 EPS.
Several other equities analysts have also issued reports on the company. BidaskClub raised Ross Stores from a “hold” rating to a “buy” rating in a research note on Wednesday, December 27th. Nomura set a $80.00 price target on Ross Stores and gave the company a “buy” rating in a research note on Friday, November 17th. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price target (up from $62.00) on shares of Ross Stores in a research note on Friday, November 17th. Telsey Advisory Group reissued a “buy” rating on shares of Ross Stores in a research note on Friday, November 17th. Finally, Buckingham Research boosted their price target on Ross Stores from $71.00 to $72.00 and gave the company a “neutral” rating in a research note on Friday, November 17th. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Ross Stores presently has an average rating of “Buy” and a consensus target price of $81.86.
Ross Stores (NASDAQ:ROST) last announced its earnings results on Tuesday, March 6th. The apparel retailer reported $0.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.05. Ross Stores had a return on equity of 44.53% and a net margin of 9.64%. The business had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $3.95 billion.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Monday, March 19th will be given a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.17%. This is a positive change from Ross Stores’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, March 16th. Ross Stores’s dividend payout ratio is presently 18.03%.
Ross Stores announced that its board has approved a share repurchase plan on Tuesday, March 6th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the apparel retailer to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Several large investors have recently modified their holdings of ROST. Raymond James Financial Services Advisors Inc. raised its position in shares of Ross Stores by 5.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 89,653 shares of the apparel retailer’s stock worth $5,789,000 after purchasing an additional 5,031 shares during the period. Daiwa Securities Group Inc. raised its position in Ross Stores by 18.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 20,408 shares of the apparel retailer’s stock valued at $1,317,000 after buying an additional 3,158 shares during the last quarter. Boston Partners purchased a new stake in Ross Stores in the 3rd quarter valued at $3,515,000. FDx Advisors Inc. raised its position in Ross Stores by 46.7% in the 3rd quarter. FDx Advisors Inc. now owns 27,034 shares of the apparel retailer’s stock valued at $1,746,000 after buying an additional 8,612 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in Ross Stores by 93.2% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 178,151 shares of the apparel retailer’s stock valued at $11,503,000 after buying an additional 85,922 shares during the last quarter. 89.58% of the stock is currently owned by institutional investors.
About Ross Stores
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.
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