Nordstrom (NYSE:JWN) Given New $20.00 Price Target at Bank of America

Nordstrom (NYSE:JWN) had its target price hoisted by Bank of America from $18.00 to $20.00 in a report released on Wednesday morning, Benzinga reports. They currently have an underperform rating on the specialty retailer’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Telsey Advisory Group boosted their target price on shares of Nordstrom from $23.00 to $24.00 and gave the company a market perform rating in a research report on Wednesday. StockNews.com raised shares of Nordstrom from a hold rating to a buy rating in a research report on Thursday, August 8th. Evercore ISI boosted their target price on shares of Nordstrom from $17.00 to $19.00 and gave the company an in-line rating in a research report on Friday, May 31st. Barclays boosted their target price on shares of Nordstrom from $15.00 to $18.00 and gave the company an underweight rating in a research report on Friday, May 31st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Nordstrom from $15.00 to $17.00 and gave the company an underweight rating in a research report on Friday, May 17th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Nordstrom presently has an average rating of Hold and a consensus price target of $19.85.

Nordstrom Price Performance

NYSE:JWN opened at $22.01 on Wednesday. Nordstrom has a one year low of $12.88 and a one year high of $24.03. The company has a market cap of $3.60 billion, a P/E ratio of 12.03, a P/E/G ratio of 2.55 and a beta of 2.62. The firm’s fifty day moving average price is $21.92 and its two-hundred day moving average price is $20.67. The company has a debt-to-equity ratio of 3.13, a current ratio of 1.03 and a quick ratio of 0.36.

Nordstrom (NYSE:JWN) last released its quarterly earnings data on Tuesday, August 27th. The specialty retailer reported $0.96 EPS for the quarter, beating the consensus estimate of $0.71 by $0.25. Nordstrom had a negative net margin of 1.35% and a negative return on equity of 26.45%. The firm had revenue of $3.89 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the company earned $0.84 earnings per share. The company’s quarterly revenue was up 3.2% on a year-over-year basis. Equities analysts expect that Nordstrom will post 1.79 earnings per share for the current year.

Nordstrom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Tuesday, September 3rd. Nordstrom’s payout ratio is 41.53%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Nordstrom by 5.7% during the first quarter. Vanguard Group Inc. now owns 10,653,007 shares of the specialty retailer’s stock worth $215,936,000 after acquiring an additional 579,001 shares in the last quarter. Victory Capital Management Inc. raised its stake in Nordstrom by 1.7% during the second quarter. Victory Capital Management Inc. now owns 3,371,988 shares of the specialty retailer’s stock worth $71,554,000 after acquiring an additional 57,546 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Nordstrom by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,136,639 shares of the specialty retailer’s stock worth $66,557,000 after acquiring an additional 137,094 shares in the last quarter. Schroder Investment Management Group raised its stake in Nordstrom by 44.9% during the fourth quarter. Schroder Investment Management Group now owns 2,648,637 shares of the specialty retailer’s stock worth $48,867,000 after acquiring an additional 820,390 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Nordstrom by 66.2% during the second quarter. American Century Companies Inc. now owns 1,661,227 shares of the specialty retailer’s stock worth $35,251,000 after acquiring an additional 661,769 shares in the last quarter. Institutional investors and hedge funds own 88.73% of the company’s stock.

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.