Sun Life Financial INC decreased its position in shares of Ross Stores, Inc. (NASDAQ:ROST) by 52.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 299 shares of the apparel retailer’s stock after selling 329 shares during the period. Sun Life Financial INC’s holdings in Ross Stores were worth $30,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Litman Gregory Asset Management LLC acquired a new stake in Ross Stores during the second quarter valued at $32,000. Berman Capital Advisors LLC raised its holdings in Ross Stores by 32.2% during the first quarter. Berman Capital Advisors LLC now owns 522 shares of the apparel retailer’s stock valued at $48,000 after buying an additional 127 shares in the last quarter. Thor Advisors LLC bought a new position in Ross Stores during the first quarter valued at about $54,000. Zions Bancorporation N.A. bought a new position in Ross Stores during the first quarter valued at about $76,000. Finally, Cornerstone Advisors Inc. raised its holdings in Ross Stores by 26.0% during the first quarter. Cornerstone Advisors Inc. now owns 820 shares of the apparel retailer’s stock valued at $76,000 after buying an additional 169 shares in the last quarter. 88.16% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on the company. Bank of America set a $120.00 target price on Ross Stores and gave the company a “buy” rating in a report on Friday, August 23rd. Morgan Stanley raised their target price on Ross Stores from $94.00 to $104.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Robert W. Baird restated an “outperform” rating and set a $114.00 target price (up from $108.00) on shares of Ross Stores in a report on Friday, August 23rd. Loop Capital upgraded Ross Stores to a “buy” rating and set a $120.00 price objective on the stock in a research note on Friday, August 16th. Finally, Cowen set a $116.00 price objective on Ross Stores and gave the stock a “buy” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $107.61.
Ross Stores (NASDAQ:ROST) last issued its quarterly earnings results on Thursday, August 22nd. The apparel retailer reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.02. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.96 billion. Ross Stores had a return on equity of 49.21% and a net margin of 10.46%. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 earnings per share. On average, equities research analysts forecast that Ross Stores, Inc. will post 4.5 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 12th will be issued a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Wednesday, September 11th. Ross Stores’s payout ratio is 23.94%.
In other news, insider James S. Fassio sold 85,238 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $104.85, for a total value of $8,937,204.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director George Orban sold 29,000 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $105.89, for a total value of $3,070,810.00. Following the completion of the transaction, the director now directly owns 542,939 shares in the company, valued at $57,491,810.71. The disclosure for this sale can be found here. Insiders have sold 215,238 shares of company stock worth $22,279,714 over the last ninety days. Company insiders own 2.30% of the company’s stock.
Ross Stores Company Profile
Ross Stores, Inc, together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brands. Its stores primarily offers apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores regular prices to customers from households with moderate income.
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