Bank of Nova Scotia increases equity stake in Ross Stores, Inc. (NASDAQ:ROST)

Bank of Nova Scotia increased its holdings in Ross Stores, Inc. (NASDAQ:ROST – Free Report) by 1,194.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The company owned 411,164 shares of the apparel retailer's stock after acquiring an additional 379,398 shares during the quarter. Bank of Nova Scotia owned about 0.12% of Ross Stores valued at $56,899,000 at the end of the last quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ROST. Scotia Capital Inc. increased its stake in shares of Ross Stores by 2.1% in the fourth quarter. Scotia Capital Inc. now owns 11,730 shares of the apparel retailer's stock valued at $1,623,000 after buying an additional 238 shares during the same period. Qtron Investments LLC acquired a new stake in Ross Stores in the fourth quarter valued at about $500,000. Harvest Investment Services LLC acquired a new stake in Ross Stores in the fourth quarter valued at about $1,065,000. Evoke Wealth LLC increased its stake in shares of Ross Stores by 3.4% in the fourth quarter. Evoke Wealth LLC now owns 8,245 shares of the apparel retailer's stock valued at $1,141,000 after buying an additional 268 shares during the last quarter. Finally, TFO Wealth Partners LLC increased its holdings in shares of Ross Stores by 26,209.1% during the fourth quarter. TFO Wealth Partners LLC now owns 2,894 shares of the clothing retailer's stock worth $401,000 after purchasing an additional 2,883 shares during the period. Hedge funds and other institutional investors own 86.86% of the company's stock.

Ross Stores price history

ROST shares traded $0.08 lower during midday trading on Friday, reaching $139.76. 3,204,663 shares of the company traded hands, compared to its average volume of 2,873,815. Ross Stores, Inc. has a 52-week low of $100.66 and a 52-week high of $151.12. The company has a market cap of $47.06 billion, a price-to-earnings ratio of 23.57, a PEG ratio of 2.45 and a beta of 1.06. The company has a 50-day moving average of $136.21 and a 200-day moving average of $138.24. The company has a quick ratio of 1.03, a current ratio of 1.54 and a debt-to-equity ratio of 0.31.

Ross Stores (NASDAQ:ROST – Free Report) last released its quarterly earnings results on Thursday, May 23. The apparel retailer reported $1.46 earnings per share for the quarter, beating analysts' consensus estimates of $1.35 by $0.11. Ross Stores had a return on equity of 42.24% and a net margin of 9.60%. The company had revenue of $4.86 billion for the quarter, compared to analyst estimates of $4.83 billion. In the same quarter last year, the company generated earnings per share of $1.09. The company's revenue for the quarter increased 8.1% compared to the same quarter last year. On average, sell-side analysts forecast that Ross Stores, Inc. will report earnings per share of $5.96 for the current fiscal year.

Ross Stores announces dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Tuesday, June 11th will receive a dividend of $0.3675 per share. This represents an annualized dividend of $1.47 and a dividend yield of 1.05%. The ex-dividend date is Tuesday, June 11th. Ross Stores' payout ratio is 24.79%.

Ross Stores announced that its board of directors approved a stock repurchase program on Tuesday, March 5, that allows the company to repurchase $2.10 billion worth of stock. This repurchase authorization allows the clothing retailer to repurchase up to 4.3% of its stock through the open market. Stock repurchase programs are generally an indication that company management believes its stock is undervalued.

Wall Street analysts comment

Several equities analysts have recently commented on ROST shares. Morgan Stanley increased their price target on shares of Ross Stores from $159.00 to $161.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Citigroup increased their price target on shares of Ross Stores from $147.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Guggenheim increased their price target on shares of Ross Stores from $165.00 to $170.00 and gave the stock a “buy” rating in a report on Friday, May 24th. Telsey Advisory Group reiterated a “market perform” rating and issued a $160.00 price target on shares of Ross Stores in a report on Friday, May 24th. Finally, UBS Group raised their price target on Ross Stores from $145.00 to $147.00 and gave the stock a “neutral” rating in a research note on Friday, May 24. Four equities analysts have rated the stock with a “hold” rating and fifteen have assigned a “buy” rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $156.58.

Get our latest stock analysis on ROST

Insider buying and selling

In other Ross Stores news, Director Patricia H. Mueller sold 2,265 shares of the company's stock on Monday, March 18. The shares were sold at an average price of $145.38, for a total value of $329,285.70. Following the completion of the transaction, the director now directly owns 1,914 shares of the company's stock, valued at approximately $278,257.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Patricia H. Mueller sold 2,265 shares of the company's stock on Monday, March 18. The shares were sold at an average price of $145.38, for a total value of $329,285.70. Following the completion of the transaction, the director now directly owns 1,914 shares of the company's stock, valued at approximately $278,257.32. The transaction was disclosed in a filing with the SEC, available at this hyperlink. Also, Director Patricia H. Mueller sold 941 shares of the company's stock in a transaction dated Tuesday, May 28. The shares were sold at an average price of $138.37, for a total transaction of $130,206.17. Following the transaction, the director now owns 973 shares of the company's stock, valued at $134,634.01. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,038 shares of the company's stock, valued at $10,526,384. 2.10% of the shares are owned by insiders.

Ross Stores Company Profile

(Free report)

Ross Stores, Inc., together with its subsidiaries, operates off-price retail apparel and home furnishings stores in the United States under the Ross Dress for Less and dd's DISCOUNTS brand names. The stores primarily offer apparel, accessories, footwear and home furnishings. The company's Ross Dress for Less stores sell their products in department and specialty stores to middle-income households; and the dd's DISCOUNTS stores sell their products in department and discount stores to middle-income households.

See also

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