Nordstrom (NYSE:JWN) Price Target Raised to $26.00

Nordstrom (NYSE:JWN) had its price objective increased by Telsey Advisory Group from $24.00 to $26.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has a market perform rating on the specialty retailer’s stock.

A number of other analysts have also weighed in on the company. TD Cowen increased their price objective on Nordstrom from $24.00 to $25.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Barclays raised Nordstrom from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $18.00 to $23.00 in a research note on Thursday, September 5th. StockNews.com raised Nordstrom from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. KeyCorp lowered Nordstrom from an “overweight” rating to a “sector weight” rating in a research note on Thursday, September 26th. Finally, Bank of America upped their target price on Nordstrom from $18.00 to $20.00 and gave the company an “underperform” rating in a report on Wednesday, August 28th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $20.65.

Nordstrom Stock Down 8.1 %

Shares of JWN opened at $22.62 on Wednesday. The firm has a market cap of $3.71 billion, a P/E ratio of 13.23 and a beta of 2.59. The stock has a 50 day simple moving average of $22.86 and a two-hundred day simple moving average of $22.23. 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.

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

Nordstrom Dividend Announcement

The business also recently declared 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. The ex-dividend date is Tuesday, December 3rd. This represents a $0.76 annualized dividend and a dividend yield of 3.36%. Nordstrom’s payout ratio is presently 44.44%.

Insider Activity

In related news, COO Alexis Depree sold 20,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was 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. This trade represents a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 5.78% of the company’s stock.

Institutional Investors Weigh In On Nordstrom

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of 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 buying an additional 579,001 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Nordstrom by 1.7% during the second quarter. Victory Capital Management Inc. now owns 3,371,988 shares of the specialty retailer’s stock valued at $71,554,000 after buying an additional 57,546 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Nordstrom by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,136,639 shares of the specialty retailer’s stock valued at $66,557,000 after buying an additional 137,094 shares during the last quarter. American Century Companies Inc. boosted its position 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 valued at $35,251,000 after buying an additional 661,769 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Nordstrom by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,625,616 shares of the specialty retailer’s stock valued at $36,570,000 after buying an additional 5,407 shares during the last quarter. 88.73% of the stock is owned by hedge funds and other institutional investors.

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.