Nordstrom (NYSE:JWN) Given New $22.00 Price Target at Bank of America

Nordstrom (NYSE:JWN) had its price target boosted by Bank of America from $20.00 to $22.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an underperform rating on the specialty retailer’s stock.

Other equities analysts have also issued reports about the stock. The Goldman Sachs Group raised their target price on shares of Nordstrom from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 28th. Citigroup lifted their price target on shares of Nordstrom from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. TD Cowen lifted their price target on shares of Nordstrom from $24.00 to $25.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Barclays raised shares of Nordstrom from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $18.00 to $23.00 in a research note on Thursday, September 5th. Finally, StockNews.com raised shares of Nordstrom from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.65.

Nordstrom Stock Performance

Nordstrom stock opened at $22.62 on Wednesday. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.07 and a quick ratio of 0.41. Nordstrom has a 1-year low of $14.80 and a 1-year high of $24.99. The firm has a market capitalization of $3.71 billion, a P/E ratio of 13.23 and a beta of 2.59. The company’s 50-day moving average is $22.86 and its 200 day moving average is $22.23.

Nordstrom (NYSE:JWN) last posted its quarterly earnings data on Tuesday, November 26th. The specialty retailer reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.11. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.34 billion. During the same period in the prior year, the company posted $0.25 EPS. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. Research analysts forecast that Nordstrom will post 1.91 EPS for the current year.

Nordstrom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Tuesday, December 3rd. Nordstrom’s dividend payout ratio (DPR) is presently 44.44%.

Insider Activity

In other news, COO Alexis Depree sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $23.20, for a total transaction of $464,000.00. Following the sale, the chief operating officer now directly owns 169,331 shares of the company’s stock, valued at $3,928,479.20. The trade was a 10.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.78% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JWN. Verition Fund Management LLC lifted its position in Nordstrom by 147.4% during the third quarter. Verition Fund Management LLC now owns 1,218,365 shares of the specialty retailer’s stock valued at $27,401,000 after purchasing an additional 725,803 shares during the period. American Century Companies Inc. lifted its position in Nordstrom by 66.2% during the second quarter. American Century Companies Inc. now owns 1,661,227 shares of the specialty retailer’s stock valued at $35,251,000 after purchasing an additional 661,769 shares during the period. Vanguard Group Inc. lifted its position in Nordstrom by 5.7% during the first quarter. Vanguard Group Inc. now owns 10,653,007 shares of the specialty retailer’s stock valued at $215,936,000 after purchasing an additional 579,001 shares during the period. Marshall Wace LLP raised its position in shares of Nordstrom by 38.4% in the second quarter. Marshall Wace LLP now owns 1,479,414 shares of the specialty retailer’s stock worth $31,393,000 after acquiring an additional 410,152 shares during the period. Finally, NewSquare Capital LLC acquired a new position in shares of Nordstrom in the second quarter worth about $7,783,000. 88.73% of the stock is currently owned by institutional investors and hedge funds.

Nordstrom Company Profile

Nordstrom, Inc, a fashion retailer, provides apparels, shoes, beauty, accessories, and home goods for women, men, young adults, and children. It offers a range of brand-name and private-label merchandise through various channels, such as Nordstrom branded stores and online at Nordstrom.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; ASOS; Nordstromrack.com; mobile application; and clearance stores under the Last Chance name.