SouthState Corp Reduces Stock Holdings in Ross Stores, Inc. (NASDAQ:ROST)

SouthState Corp reduced its holdings in shares of Ross Stores, Inc. (NASDAQ:ROST) by 6.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,994 shares of the apparel retailer’s stock after selling 669 shares during the quarter. SouthState Corp’s holdings in Ross Stores were worth $1,512,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its holdings in shares of Ross Stores by 152.9% during the fourth quarter. Larson Financial Group LLC now owns 177 shares of the apparel retailer’s stock valued at $27,000 after acquiring an additional 107 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new position in Ross Stores during the 4th quarter valued at approximately $31,000. ORG Partners LLC increased its stake in Ross Stores by 434.1% during the 4th quarter. ORG Partners LLC now owns 235 shares of the apparel retailer’s stock valued at $36,000 after purchasing an additional 191 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in shares of Ross Stores during the fourth quarter worth $51,000. Finally, Oakworth Capital Inc. purchased a new stake in shares of Ross Stores during the fourth quarter valued at $57,000. 86.86% of the stock is currently owned by hedge funds and other institutional investors.

Ross Stores Price Performance

Shares of Ross Stores stock opened at $125.54 on Tuesday. The firm has a market cap of $41.42 billion, a PE ratio of 19.77, a P/E/G ratio of 2.13 and a beta of 1.15. The business has a 50-day moving average price of $142.26 and a 200 day moving average price of $146.34. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.29. Ross Stores, Inc. has a twelve month low of $122.77 and a twelve month high of $163.60.

Ross Stores (NASDAQ:ROST) last announced its earnings results on Tuesday, March 4th. The apparel retailer reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.14. The firm had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.95 billion. Ross Stores had a return on equity of 41.83% and a net margin of 9.95%. Sell-side analysts predict that Ross Stores, Inc. will post 6.17 earnings per share for the current fiscal year.

Ross Stores Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be paid a dividend of $0.405 per share. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.29%. This is a boost from Ross Stores’s previous quarterly dividend of $0.37. Ross Stores’s payout ratio is currently 25.63%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Sanford C. Bernstein restated a “market perform” rating and issued a $165.00 target price (down previously from $178.00) on shares of Ross Stores in a research note on Tuesday, January 7th. Morgan Stanley reduced their price objective on Ross Stores from $140.00 to $130.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Loop Capital dropped their target price on Ross Stores from $190.00 to $175.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company reissued a “negative” rating on shares of Ross Stores in a research report on Wednesday, March 5th. Finally, Robert W. Baird dropped their price objective on shares of Ross Stores from $175.00 to $160.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.40.

About Ross Stores

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 brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company’s Ross Dress for Less stores sell its products at department and specialty stores to middle income households; and dd’s DISCOUNTS stores sell its products at department and discount stores for households with moderate income.