Ross Stores, Inc. (NASDAQ:ROST) Shares Purchased by Truist Financial Corp

Truist Financial Corp raised its stake in Ross Stores, Inc. (NASDAQ:ROST) by 0.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 171,321 shares of the apparel retailer’s stock after purchasing an additional 1,033 shares during the quarter. Truist Financial Corp’s holdings in Ross Stores were worth $23,709,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ROST. Clearstead Advisors LLC lifted its holdings in shares of Ross Stores by 458.0% in the 3rd quarter. Clearstead Advisors LLC now owns 279 shares of the apparel retailer’s stock worth $32,000 after acquiring an additional 229 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Ross Stores by 52.9% during the fourth quarter. Geneos Wealth Management Inc. now owns 240 shares of the apparel retailer’s stock worth $33,000 after buying an additional 83 shares during the period. Rock Creek Group LP acquired a new stake in shares of Ross Stores in the third quarter valued at $35,000. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Ross Stores in the 4th quarter valued at $51,000. Finally, Mendota Financial Group LLC acquired a new position in Ross Stores during the 4th quarter worth about $61,000. Institutional investors and hedge funds own 86.86% of the company’s stock.

Insider Activity at Ross Stores

In other news, CMO Brian R. Morrow sold 10,734 shares of Ross Stores stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $146.00, for a total transaction of $1,567,164.00. Following the sale, the chief marketing officer now owns 62,711 shares in the company, valued at $9,155,806. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Michael K. Kobayashi sold 13,860 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $147.46, for a total value of $2,043,795.60. Following the completion of the sale, the insider now owns 61,657 shares in the company, valued at approximately $9,091,941.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CMO Brian R. Morrow sold 10,734 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $146.00, for a total transaction of $1,567,164.00. Following the sale, the chief marketing officer now owns 62,711 shares of the company’s stock, valued at approximately $9,155,806. The disclosure for this sale can be found here. Insiders sold a total of 71,097 shares of company stock valued at $10,396,178 over the last ninety days. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Morgan Stanley lifted their target price on Ross Stores from $155.00 to $161.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. UBS Group upped their target price on shares of Ross Stores from $142.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 6th. BMO Capital Markets raised their price target on shares of Ross Stores from $138.00 to $165.00 and gave the company an “outperform” rating in a research report on Wednesday, March 6th. Barclays boosted their price target on shares of Ross Stores from $160.00 to $163.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Finally, JPMorgan Chase & Co. increased their price objective on Ross Stores from $150.00 to $163.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $155.21.

Ross Stores Price Performance

Shares of NASDAQ ROST opened at $131.06 on Tuesday. The stock’s 50-day simple moving average is $142.52 and its 200-day simple moving average is $135.69. The firm has a market capitalization of $44.13 billion, a PE ratio of 23.57, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. Ross Stores, Inc. has a fifty-two week low of $99.00 and a fifty-two week high of $151.12. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.24 and a current ratio of 1.77.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings data on Tuesday, March 5th. The apparel retailer reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.19. The company had revenue of $6.02 billion for the quarter, compared to analysts’ expectations of $5.81 billion. Ross Stores had a net margin of 9.20% and a return on equity of 41.15%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the company earned $1.31 earnings per share. As a group, equities research analysts forecast that Ross Stores, Inc. will post 5.89 EPS for the current fiscal year.

Ross Stores announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 5th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the apparel retailer to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Ross Stores Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.3675 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Ross Stores’s previous quarterly dividend of $0.34. This represents a $1.47 dividend on an annualized basis and a yield of 1.12%. Ross Stores’s payout ratio is 26.44%.

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 brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.