Ross Stores, Inc. (NASDAQ:ROST) announced a quarterly dividend on Thursday, May 23rd, Wall Street Journal reports. Investors of record on Tuesday, June 11th will be given a dividend of 0.255 per share by the apparel retailer on Friday, June 28th. This represents a $1.02 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Monday, June 10th.
Ross Stores has increased its dividend payment by an average of 15.3% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Ross Stores has a payout ratio of 24.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Ross Stores to earn $4.95 per share next year, which means the company should continue to be able to cover its $1.02 annual dividend with an expected future payout ratio of 20.6%.
ROST stock opened at $99.16 on Friday. Ross Stores has a fifty-two week low of $75.91 and a fifty-two week high of $104.35. The firm has a market cap of $36.44 billion, a P/E ratio of 23.28, a price-to-earnings-growth ratio of 2.11 and a beta of 0.90. The company has a quick ratio of 0.64, a current ratio of 1.34 and a debt-to-equity ratio of 0.87.
In other news, insider Bernard G. Brautigan sold 12,000 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $91.18, for a total value of $1,094,160.00. Following the transaction, the insider now directly owns 174,450 shares in the company, valued at approximately $15,906,351. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael Balmuth sold 81,049 shares of the firm’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $92.87, for a total value of $7,527,020.63. The disclosure for this sale can be found here. Insiders sold a total of 218,103 shares of company stock valued at $20,031,348 over the last three months. Insiders own 2.30% of the company’s stock.
Ross Stores announced that its board has authorized a share buyback plan on Tuesday, March 5th that allows the company to buyback $2.55 billion in shares. This buyback authorization allows the apparel retailer to repurchase up to 7.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of research firms recently weighed in on ROST. BidaskClub cut Ross Stores from a “buy” rating to a “hold” rating in a report on Saturday, June 1st. Guggenheim reaffirmed a “buy” rating and set a $105.00 price target on shares of Ross Stores in a report on Friday, May 24th. Robert W. Baird began coverage on Ross Stores in a report on Monday, May 13th. They set an “outperform” rating and a $108.00 price target for the company. Zacks Investment Research raised Ross Stores from a “sell” rating to a “hold” rating in a report on Monday, May 13th. Finally, DA Davidson raised their price target on Ross Stores to $92.00 and gave the company a “neutral” rating in a report on Thursday, March 7th. Eleven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $98.13.
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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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