Truist Financial Corp Sells 13,086 Shares of Ross Stores, Inc. (NASDAQ:ROST)

Posted by Defense World Staff on Aug 8th, 2023

Truist Financial Corp lowered its stake in shares of Ross Stores, Inc. (NASDAQ:ROST – Free Report) by 7.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,013 shares of the apparel retailer’s stock after selling 13,086 shares during the quarter. Truist Financial Corp owned about 0.05% of Ross Stores worth $18,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Ballentine Partners LLC boosted its position in Ross Stores by 2.9% during the first quarter. Ballentine Partners LLC now owns 6,933 shares of the apparel retailer’s stock valued at $736,000 after purchasing an additional 198 shares in the last quarter. American National Bank raised its stake in Ross Stores by 656.0% in the first quarter. American National Bank now owns 378 shares of the apparel retailer’s stock valued at $40,000 after buying an additional 328 shares during the last quarter. ETF Managers Group LLC raised its stake in Ross Stores by 1.5% in the first quarter. ETF Managers Group LLC now owns 8,033 shares of the apparel retailer’s stock valued at $853,000 after buying an additional 119 shares during the last quarter. New York State Common Retirement Fund raised its stake in Ross Stores by 1.6% in the fourth quarter. New York State Common Retirement Fund now owns 368,005 shares of the apparel retailer’s stock valued at $42,714,000 after buying an additional 5,861 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of Ross Stores by 12.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 741,248 shares of the apparel retailer’s stock worth $86,037,000 after purchasing an additional 80,914 shares during the last quarter. Institutional investors own 86.89% of the company’s stock.

Insider Activity

In other news, CEO Barbara Rentler sold 11,866 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $102.54, for a total value of $1,216,739.64. Following the transaction, the chief executive officer now owns 325,367 shares in the company, valued at approximately $33,363,132.18. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ROST. Piper Sandler began coverage on Ross Stores in a research report on Thursday, June 29th. They set a “neutral” rating and a $112.00 price target for the company. StockNews.com upgraded Ross Stores from a “hold” rating to a “buy” rating in a research report on Tuesday, July 18th. UBS Group lifted their price target on Ross Stores from $78.00 to $80.00 and gave the company a “sell” rating in a research report on Monday. Loop Capital lifted their price target on Ross Stores from $115.00 to $120.00 in a research report on Friday, May 19th. Finally, Barclays reduced their price target on Ross Stores from $139.00 to $122.00 in a research report on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $120.28.

Read Our Latest Analysis on Ross Stores

Ross Stores Stock Up 0.8 %

Shares of NASDAQ:ROST opened at $113.46 on Tuesday. The company has a quick ratio of 1.27, a current ratio of 1.86 and a debt-to-equity ratio of 0.57. The stock has a market cap of $38.81 billion, a P/E ratio of 25.16, a PEG ratio of 2.18 and a beta of 0.99. The business has a fifty day moving average of $108.91 and a two-hundred day moving average of $108.47. Ross Stores, Inc. has a 52-week low of $81.21 and a 52-week high of $122.44.

Ross Stores (NASDAQ:ROST – Get Free Report) last posted its quarterly earnings results on Thursday, May 18th. The apparel retailer reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.48 billion. Ross Stores had a return on equity of 36.62% and a net margin of 8.19%. Ross Stores’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.97 EPS. On average, research analysts expect that Ross Stores, Inc. will post 4.93 earnings per share for the current year.

Ross Stores Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Tuesday, June 6th were issued a $0.335 dividend. The ex-dividend date of this dividend was Monday, June 5th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 1.18%. Ross Stores’s payout ratio is currently 29.71%.

Ross Stores Profile

(Free Report)

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 primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.