Jefferies Financial Group Comments on Nordstrom, Inc.’s Q4 2023 Earnings (NYSE:JWN)

Nordstrom, Inc. (NYSE:JWNGet Rating) – Equities researchers at Jefferies Financial Group raised their Q4 2023 EPS estimates for shares of Nordstrom in a note issued to investors on Tuesday, May 24th. Jefferies Financial Group analyst S. Wissink now forecasts that the specialty retailer will earn $1.69 per share for the quarter, up from their prior forecast of $1.61. Jefferies Financial Group also issued estimates for Nordstrom’s Q2 2024 earnings at $0.89 EPS, Q3 2024 earnings at $0.94 EPS, Q4 2024 earnings at $1.79 EPS and FY2024 earnings at $3.82 EPS.

Several other research firms have also recently weighed in on JWN. Credit Suisse Group lowered their price target on shares of Nordstrom to $26.00 in a report on Wednesday. Telsey Advisory Group raised their target price on shares of Nordstrom from $27.00 to $30.00 and gave the stock a “market perform” rating in a report on Wednesday, March 2nd. Bank of America lowered their target price on shares of Nordstrom from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Wednesday. StockNews.com started coverage on shares of Nordstrom in a report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, Cowen lowered their target price on shares of Nordstrom from $30.00 to $24.00 and set a “market perform” rating on the stock in a report on Wednesday. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Nordstrom has a consensus rating of “Hold” and a consensus target price of $27.53.

Nordstrom stock opened at $23.58 on Thursday. The stock has a market cap of $3.76 billion, a P/E ratio of 22.25, a P/E/G ratio of 1.14 and a beta of 2.25. The company has a quick ratio of 0.27, a current ratio of 0.96 and a debt-to-equity ratio of 4.91. Nordstrom has a twelve month low of $18.65 and a twelve month high of $38.48. The company’s 50-day moving average price is $26.16 and its two-hundred day moving average price is $24.52.

Nordstrom (NYSE:JWNGet Rating) last released its quarterly earnings results on Tuesday, May 24th. The specialty retailer reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.29 billion. Nordstrom had a net margin of 1.20% and a return on equity of 70.74%. The firm’s revenue was up 18.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.64) earnings per share.

Nordstrom announced that its board has authorized a share buyback program on Tuesday, May 24th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to buy up to 15.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Tuesday, May 31st will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, May 27th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.22%. Nordstrom’s dividend payout ratio (DPR) is presently 71.70%.

In other news, CFO Anne L. Bramman sold 13,334 shares of Nordstrom stock in a transaction on Monday, April 18th. The shares were sold at an average price of $28.74, for a total transaction of $383,219.16. Following the transaction, the chief financial officer now owns 120,137 shares in the company, valued at $3,452,737.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.45% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EP Wealth Advisors LLC bought a new stake in Nordstrom in the first quarter valued at $339,000. BNP Paribas Arbitrage SA raised its holdings in shares of Nordstrom by 37.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 688,374 shares of the specialty retailer’s stock worth $18,662,000 after acquiring an additional 188,771 shares during the last quarter. Walleye Capital LLC acquired a new stake in shares of Nordstrom in the 1st quarter worth about $729,000. Advisors Asset Management Inc. raised its holdings in shares of Nordstrom by 4.4% in the 1st quarter. Advisors Asset Management Inc. now owns 25,175 shares of the specialty retailer’s stock worth $682,000 after acquiring an additional 1,057 shares during the last quarter. Finally, Point72 Hong Kong Ltd raised its holdings in shares of Nordstrom by 88.7% in the 1st quarter. Point72 Hong Kong Ltd now owns 47,317 shares of the specialty retailer’s stock worth $1,283,000 after acquiring an additional 22,237 shares during the last quarter. 57.27% of the stock is owned by institutional investors and hedge funds.

Nordstrom Company Profile (Get Rating)

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; TrunkClub.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; Nordstromrack.com and HauteLook; clearance stores under the Last Chance name; Trunk Club clubhouses; and Jeffrey boutiques.

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Earnings History and Estimates for Nordstrom (NYSE:JWN)

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