Nordstrom (NYSE:JWN) Price Target Raised to $22.00

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

Other research analysts have also recently issued research reports about the stock. BMO Capital Markets increased their target price on shares of Nordstrom from $20.00 to $22.00 and gave the stock a “market perform” rating in a report on Wednesday, August 28th. KeyCorp downgraded shares of Nordstrom from an “overweight” rating to a “sector weight” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. lifted their target price on Nordstrom from $19.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 28th. Citigroup increased their price target on Nordstrom from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Finally, Barclays raised Nordstrom from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $18.00 to $23.00 in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $21.29.

Nordstrom Stock Performance

JWN opened at $22.71 on Wednesday. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 14.47 and a beta of 2.59. The business’s 50-day moving average price is $22.85 and its two-hundred day moving average price is $22.24. Nordstrom has a 1 year low of $15.08 and a 1 year high of $24.99. The company has a debt-to-equity ratio of 2.65, a current ratio of 1.14 and a quick ratio of 0.41.

Nordstrom (NYSE:JWN) last announced its earnings results on Tuesday, November 26th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.11. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.34 billion. Nordstrom had a negative return on equity of 18.04% and a negative net margin of 1.57%. Nordstrom’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 EPS. Equities analysts expect that Nordstrom will post 1.93 EPS for the current fiscal year.

Nordstrom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Tuesday, December 3rd. Nordstrom’s dividend payout ratio is 48.41%.

Insider Buying and Selling at Nordstrom

In other Nordstrom news, COO Alexis Depree sold 20,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 169,331 shares in the company, valued at $3,928,479.20. This trade represents a 10.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.78% of the company’s stock.

Hedge Funds Weigh In On Nordstrom

A number of large investors have recently made changes to their positions in JWN. Verition Fund Management LLC boosted its stake in Nordstrom by 147.4% in the 3rd 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 holdings in shares of Nordstrom by 66.2% during the second quarter. American Century Companies Inc. now owns 1,661,227 shares of the specialty retailer’s stock worth $35,251,000 after buying an additional 661,769 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Nordstrom by 5.7% in the first quarter. Vanguard Group Inc. now owns 10,653,007 shares of the specialty retailer’s stock valued at $215,936,000 after acquiring an additional 579,001 shares during the period. Marshall Wace LLP boosted 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 valued at $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 valued at about $7,783,000. Institutional investors own 88.73% of the company’s stock.

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.