Park Avenue Securities LLC Acquires New Stake in Nordstrom, Inc. (NYSE:JWN)

Park Avenue Securities LLC acquired a new stake in shares of Nordstrom, Inc. (NYSE:JWNGet Rating) in the first quarter, HoldingsChannel.com reports. The firm acquired 9,893 shares of the specialty retailer’s stock, valued at approximately $268,000.

Other hedge funds also recently bought and sold shares of the company. Allworth Financial LP increased its position in Nordstrom by 63.4% during the first quarter. Allworth Financial LP now owns 1,186 shares of the specialty retailer’s stock valued at $32,000 after acquiring an additional 460 shares during the last quarter. Charter Oak Capital Management LLC increased its position in Nordstrom by 209.1% in the fourth quarter. Charter Oak Capital Management LLC now owns 1,626 shares of the specialty retailer’s stock worth $37,000 after buying an additional 1,100 shares in the last quarter. Mine & Arao Wealth Creation & Management LLC. increased its position in Nordstrom by 69.5% in the fourth quarter. Mine & Arao Wealth Creation & Management LLC. now owns 2,000 shares of the specialty retailer’s stock worth $45,000 after buying an additional 820 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Nordstrom by 19.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,060 shares of the specialty retailer’s stock worth $92,000 after buying an additional 654 shares in the last quarter. Finally, Gladius Capital Management LP purchased a new stake in Nordstrom in the fourth quarter worth about $166,000. Hedge funds and other institutional investors own 57.27% of the company’s stock.

Insider Buying and Selling

In related news, CFO Anne L. Bramman sold 13,333 shares of the firm’s stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $24.66, for a total transaction of $328,791.78. Following the completion of the sale, the chief financial officer now directly owns 93,471 shares of the company’s stock, valued at approximately $2,304,994.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.45% of the stock is owned by corporate insiders.

Nordstrom Price Performance

Shares of Nordstrom stock opened at $22.45 on Thursday. The stock has a 50 day moving average of $23.41 and a 200 day moving average of $24.14. Nordstrom, Inc. has a 12 month low of $18.65 and a 12 month high of $38.48. The firm has a market cap of $3.60 billion, a PE ratio of 10.02, a PEG ratio of 1.19 and a beta of 2.25. The company has a current ratio of 0.99, a quick ratio of 0.31 and a debt-to-equity ratio of 4.85.

Nordstrom (NYSE:JWNGet Rating) last posted its quarterly earnings data on Tuesday, May 24th. The specialty retailer reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The business had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.29 billion. Nordstrom had a return on equity of 74.13% and a net margin of 2.37%. The company’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same period last year, the company earned ($0.64) EPS. On average, research analysts expect that Nordstrom, Inc. will post 3.3 EPS for the current fiscal year.

Nordstrom announced that its Board of Directors has initiated a share buyback program on Tuesday, May 24th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the specialty retailer to repurchase up to 15.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Nordstrom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Tuesday, May 31st were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend was Friday, May 27th. Nordstrom’s dividend payout ratio is currently 33.93%.

Analysts Set New Price Targets

JWN has been the subject of a number of analyst reports. Credit Suisse Group reduced their price target on Nordstrom to $26.00 in a research report on Wednesday, May 25th. Citigroup reduced their price target on Nordstrom from $27.00 to $22.00 and set a “neutral” rating for the company in a research report on Wednesday, May 25th. Piper Sandler initiated coverage on Nordstrom in a research report on Friday, July 22nd. They issued an “overweight” rating and a $28.00 price target for the company. StockNews.com initiated coverage on Nordstrom in a research report on Thursday, March 31st. They issued a “buy” rating for the company. Finally, Bank of America cut their target price on Nordstrom from $21.00 to $15.00 and set an “underperform” rating for the company in a research report on Thursday, July 7th. Three investment 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, the company currently has an average rating of “Hold” and an average price target of $26.47.

Nordstrom Company Profile

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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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Institutional Ownership by Quarter for Nordstrom (NYSE:JWN)

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