SunTrust Banks set a $93.00 target price on Ross Stores (NASDAQ:ROST) in a research note published on Wednesday morning. The firm currently has a buy rating on the apparel retailer’s stock. SunTrust Banks also issued estimates for Ross Stores’ Q1 2019 earnings at $1.08 EPS, Q2 2019 earnings at $1.04 EPS, Q3 2019 earnings at $0.89 EPS and Q4 2019 earnings at $1.06 EPS.
Several other brokerages have also commented on ROST. BidaskClub upgraded Ross Stores from a hold rating to a buy rating in a report on Wednesday, January 24th. Nomura restated a buy rating and issued a $90.00 target price (up previously from $80.00) on shares of Ross Stores in a research note on Wednesday, January 17th. Bank of America set a $94.00 target price on Ross Stores and gave the stock a buy rating in a research note on Tuesday, March 6th. Royal Bank of Canada set a $82.00 target price on Ross Stores and gave the stock a hold rating in a research note on Tuesday, March 6th. Finally, BMO Capital Markets restated a hold rating and issued a $78.00 target price on shares of Ross Stores in a research note on Wednesday. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Ross Stores presently has a consensus rating of Buy and an average target price of $80.86.
Shares of Ross Stores (NASDAQ ROST) opened at $77.01 on Wednesday. Ross Stores has a twelve month low of $52.85 and a twelve month high of $85.66. The company has a current ratio of 1.64, a quick ratio of 0.68 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $29,429.06, a price-to-earnings ratio of 21.69, a PEG ratio of 1.91 and a beta of 1.09.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Monday, March 19th will be given a dividend of $0.225 per share. This is an increase from Ross Stores’s previous quarterly dividend of $0.16. This represents a $0.90 annualized dividend and a yield of 1.17%. The ex-dividend date is Friday, March 16th. Ross Stores’s dividend payout ratio (DPR) is currently 18.03%.
Ross Stores announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 6th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the apparel retailer to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the business. Cerebellum GP LLC acquired a new stake in Ross Stores during the 4th quarter worth about $132,000. Sit Investment Associates Inc. grew its position in Ross Stores by 255.1% during the 4th quarter. Sit Investment Associates Inc. now owns 1,900 shares of the apparel retailer’s stock worth $152,000 after purchasing an additional 1,365 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in Ross Stores during the 4th quarter worth about $159,000. Financial Gravity Companies Inc. acquired a new stake in Ross Stores during the 4th quarter worth about $164,000. Finally, Zions Bancorporation grew its position in Ross Stores by 338.9% during the 3rd quarter. Zions Bancorporation now owns 2,120 shares of the apparel retailer’s stock worth $137,000 after purchasing an additional 1,637 shares during the period. 88.60% 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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