Ross Stores, Inc. (NASDAQ:ROST) declared a quarterly dividend on Tuesday, March 6th, RTT News reports. Investors of record on Monday, March 19th will be given a dividend of 0.225 per share by the apparel retailer on Friday, March 30th. This represents a $0.90 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Friday, March 16th. This is an increase from Ross Stores’s previous quarterly dividend of $0.16.
Ross Stores has raised its dividend payment by an average of 17.0% per year over the last three years and has increased its dividend every year for the last 11 years. Ross Stores has a dividend payout ratio of 19.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Ross Stores to earn $4.46 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 14.3%.
Shares of Ross Stores stock traded down $0.70 during trading on Thursday, reaching $76.71. 117,053 shares of the company’s stock were exchanged, compared to its average volume of 2,673,424. The company has a market cap of $29,543.71, a price-to-earnings ratio of 21.68, a PEG ratio of 1.92 and a beta of 1.09. Ross Stores has a 1-year low of $52.85 and a 1-year high of $85.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.78 and a current ratio of 1.64.
A number of equities research analysts have issued reports on ROST shares. BidaskClub raised shares of Ross Stores from a “hold” rating to a “buy” rating in a report on Wednesday, December 27th. Zacks Investment Research cut shares of Ross Stores from a “buy” rating to a “hold” rating in a research report on Friday, March 9th. Wells Fargo reaffirmed a “buy” rating and issued a $86.00 target price (down from $91.00) on shares of Ross Stores in a research report on Wednesday, March 7th. Cowen set a $85.00 target price on shares of Ross Stores and gave the stock a “buy” rating in a research report on Tuesday, March 6th. Finally, Deutsche Bank set a $92.00 target price on shares of Ross Stores and gave the stock a “buy” rating in a research report on Wednesday, March 7th. Eight analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $81.86.
Ross Stores announced that its Board of Directors has initiated a share repurchase program on Tuesday, March 6th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the apparel retailer to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
In other news, Director Sharon D. Garrett sold 26,000 shares of Ross Stores stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $77.07, for a total value of $2,003,820.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael Balmuth sold 59,777 shares of Ross Stores stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $76.53, for a total transaction of $4,574,733.81. The disclosure for this sale can be found here. Insiders sold 123,414 shares of company stock valued at $9,470,574 over the last ninety days. Corporate insiders own 2.30% of the company’s stock.
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Ross Stores Company Profile
Ross Stores, Inc and its subsidiaries operate two brands of off-price retail apparel and home fashion stores-Ross Dress for Less (Ross) and dd’s DISCOUNTS. The Company is the off-price apparel and home fashion chain in the United States, with 1,340 locations in 36 states, the District of Columbia and Guam, as of January 28, 2017.
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