Nordstrom, Inc. (JWN) Shares Bought by American International Group Inc.

American International Group Inc. increased its stake in Nordstrom, Inc. (NYSE:JWN) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,328 shares of the specialty retailer’s stock after purchasing an additional 1,571 shares during the period. American International Group Inc.’s holdings in Nordstrom were worth $3,369,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of JWN. Centaurus Financial Inc. purchased a new stake in Nordstrom in the second quarter worth approximately $112,000. First Hawaiian Bank purchased a new stake in Nordstrom in the third quarter worth approximately $113,000. Stratos Wealth Partners LTD. purchased a new stake in Nordstrom in the third quarter worth approximately $145,000. Zions Bancorporation purchased a new stake in Nordstrom in the third quarter worth approximately $171,000. Finally, Acadian Asset Management LLC boosted its stake in Nordstrom by 86.1% in the third quarter. Acadian Asset Management LLC now owns 3,501 shares of the specialty retailer’s stock worth $209,000 after buying an additional 1,620 shares in the last quarter. Institutional investors own 60.44% of the company’s stock.

In related news, VP Robert Sari sold 8,795 shares of the firm’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $62.50, for a total value of $549,687.50. Following the completion of the sale, the vice president now owns 14,960 shares of the company’s stock, valued at $935,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Blake W. Nordstrom sold 127,251 shares of the firm’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $61.51, for a total value of $7,827,209.01. Following the completion of the sale, the insider now directly owns 2,519,436 shares of the company’s stock, valued at approximately $154,970,508.36. The disclosure for this sale can be found here. Company insiders own 7.05% of the company’s stock.

JWN has been the subject of several research reports. Goldman Sachs Group initiated coverage on Nordstrom in a research note on Monday, September 3rd. They issued a “buy” rating and a $73.00 target price for the company. Royal Bank of Canada set a $55.00 target price on Nordstrom and gave the stock a “hold” rating in a research note on Friday, August 17th. Wedbush raised Nordstrom from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $55.00 to $75.00 in a research note on Tuesday, October 30th. Zacks Investment Research lowered Nordstrom from a “buy” rating to a “hold” rating in a research note on Monday, November 19th. Finally, Guggenheim reissued a “hold” rating on shares of Nordstrom in a research note on Thursday, November 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company. Nordstrom has an average rating of “Hold” and a consensus target price of $57.71.

NYSE:JWN opened at $49.36 on Monday. The company has a market cap of $8.32 billion, a PE ratio of 16.68, a P/E/G ratio of 2.28 and a beta of 0.54. Nordstrom, Inc. has a fifty-two week low of $44.68 and a fifty-two week high of $67.75. The company has a quick ratio of 0.44, a current ratio of 1.12 and a debt-to-equity ratio of 2.23.

Nordstrom (NYSE:JWN) last announced its quarterly earnings results on Thursday, November 15th. The specialty retailer reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.03. Nordstrom had a return on equity of 51.66% and a net margin of 2.92%. The company had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.68 billion. Sell-side analysts anticipate that Nordstrom, Inc. will post 3.6 earnings per share for the current year.

Nordstrom announced that its Board of Directors has approved a share repurchase program on Wednesday, August 22nd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the specialty retailer to buy up to 14.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Monday, November 26th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Friday, November 23rd. Nordstrom’s payout ratio is 50.00%.

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About Nordstrom

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.

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Institutional Ownership by Quarter for Nordstrom (NYSE:JWN)

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