Ross Stores (ROST) Coverage Initiated at Loop Capital
Loop Capital began coverage on shares of Ross Stores (NASDAQ:ROST) in a research report report published on Thursday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $85.00 price target on the apparel retailer’s stock.
A number of other research analysts also recently commented on the company. BidaskClub raised Ross Stores from a hold rating to a buy rating in a report on Wednesday, December 27th. Nomura set a $80.00 price target on Ross Stores and gave the company a buy rating in a report on Friday, November 17th. Royal Bank of Canada reissued a sector perform rating and issued a $70.00 price target (up previously from $62.00) on shares of Ross Stores in a report on Friday, November 17th. Telsey Advisory Group reissued a buy rating on shares of Ross Stores in a report on Friday, November 17th. Finally, SunTrust Banks reissued a buy rating on shares of Ross Stores in a report on Friday, February 2nd. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $80.86.
Shares of Ross Stores (ROST) traded up $1.79 during midday trading on Thursday, hitting $77.01. The stock had a trading volume of 3,419,952 shares, compared to its average volume of 2,853,814. Ross Stores has a 52 week low of $52.85 and a 52 week high of $85.66. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.64 and a quick ratio of 0.68. The stock has a market capitalization of $29,429.06, a P/E ratio of 21.69, a price-to-earnings-growth ratio of 1.91 and a beta of 1.09.
Ross Stores announced that its Board of Directors has initiated a stock buyback plan on Tuesday, March 6th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the apparel retailer to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Monday, March 19th will be paid a dividend of $0.225 per share. The ex-dividend date of this dividend is Friday, March 16th. This represents a $0.90 annualized dividend and a yield of 1.17%. This is a boost from Ross Stores’s previous quarterly dividend of $0.16. Ross Stores’s dividend payout ratio is presently 18.03%.
A number of hedge funds and other institutional investors have recently made changes to their positions in ROST. Cerebellum GP LLC acquired a new stake in Ross Stores during the fourth quarter valued at approximately $132,000. Zions Bancorporation raised its position in shares of 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. Sit Investment Associates Inc. raised its position in shares of 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 shares of Ross Stores during the 4th quarter worth approximately $159,000. Finally, Financial Gravity Companies Inc. acquired a new stake in shares of Ross Stores during the 4th quarter worth approximately $164,000. Hedge funds and other institutional investors own 88.60% of the company’s stock.
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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