PNC Financial Services Group Inc. Lowers Stake in Nordstrom, Inc. (NYSE:JWN)

PNC Financial Services Group Inc. cut its holdings in shares of Nordstrom, Inc. (NYSE:JWN) by 16.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,361 shares of the specialty retailer’s stock after selling 469 shares during the period. PNC Financial Services Group Inc.’s holdings in Nordstrom were worth $57,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Spire Wealth Management raised its stake in shares of Nordstrom by 90.9% during the 4th quarter. Spire Wealth Management now owns 2,100 shares of the specialty retailer’s stock worth $51,000 after buying an additional 1,000 shares during the period. Wolverine Asset Management LLC purchased a new stake in Nordstrom in the 4th quarter worth $63,000. KBC Group NV raised its position in Nordstrom by 36.5% during the fourth quarter. KBC Group NV now owns 4,816 shares of the specialty retailer’s stock worth $116,000 after acquiring an additional 1,287 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Nordstrom during the fourth quarter valued at $122,000. Finally, Blue Trust Inc. lifted its holdings in Nordstrom by 51.9% during the fourth quarter. Blue Trust Inc. now owns 5,832 shares of the specialty retailer’s stock valued at $131,000 after purchasing an additional 1,993 shares in the last quarter. Hedge funds and other institutional investors own 88.73% of the company’s stock.

Nordstrom Stock Up 0.3 %

Shares of NYSE:JWN opened at $24.45 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.35 and a debt-to-equity ratio of 2.65. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of 15.57 and a beta of 2.60. The stock’s 50-day moving average price is $24.28 and its two-hundred day moving average price is $23.53. Nordstrom, Inc. has a 12-month low of $17.21 and a 12-month high of $24.99.

Nordstrom (NYSE:JWN) last posted its quarterly earnings results on Tuesday, March 4th. The specialty retailer reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.20. The firm had revenue of $4.32 billion during the quarter, compared to the consensus estimate of $4.32 billion. Nordstrom had a negative return on equity of 18.04% and a negative net margin of 1.57%. On average, research analysts forecast that Nordstrom, Inc. will post 1.97 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on JWN. Argus cut Nordstrom from a “buy” rating to a “sell” rating in a report on Monday, December 30th. UBS Group raised shares of Nordstrom from a “sell” rating to a “neutral” rating and upped their target price for the stock from $14.50 to $24.00 in a report on Friday, January 10th. Evercore ISI raised their price target on shares of Nordstrom from $22.00 to $24.00 and gave the stock an “in-line” rating in a research note on Monday, January 13th. StockNews.com assumed coverage on shares of Nordstrom in a research note on Sunday. They set a “buy” rating for the company. Finally, Barclays raised their target price on shares of Nordstrom from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Nordstrom currently has an average rating of “Hold” and a consensus target price of $22.90.

About Nordstrom

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.