Nordstrom (NYSE:JWN) Stock Price Expected to Rise, Bank of America Analyst Says

Nordstrom (NYSE:JWN) had its price target lifted by research analysts at Bank of America from $20.00 to $22.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “underperform” rating on the specialty retailer’s stock. Bank of America‘s price target would indicate a potential downside of 2.74% from the stock’s previous close.

A number of other brokerages have also recently commented on JWN. Barclays upgraded shares of Nordstrom from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $18.00 to $23.00 in a research report on Thursday, September 5th. Telsey Advisory Group boosted their target price on Nordstrom from $24.00 to $26.00 and gave the company a “market perform” rating in a research note on Wednesday. Citigroup raised their target price on shares of Nordstrom from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group increased their price target on shares of Nordstrom from $19.00 to $21.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 28th. Finally, BMO Capital Markets upped their target price on Nordstrom from $20.00 to $22.00 and gave the stock a “market perform” rating in a report on Wednesday, August 28th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Nordstrom has a consensus rating of “Hold” and an average price target of $21.29.

Nordstrom Stock Performance

NYSE JWN opened at $22.62 on Wednesday. Nordstrom has a 12-month low of $14.80 and a 12-month high of $24.99. The firm has a market cap of $3.71 billion, a P/E ratio of 13.23 and a beta of 2.59. The company has a quick ratio of 0.41, a current ratio of 1.07 and a debt-to-equity ratio of 2.76. The company’s 50 day moving average is $22.85 and its 200-day moving average is $22.23.

Nordstrom (NYSE:JWN) last issued its quarterly earnings data on Tuesday, November 26th. The specialty retailer reported $0.33 EPS for the quarter, beating the consensus estimate of $0.22 by $0.11. The company had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.34 billion. Nordstrom had a negative net margin of 1.44% and a negative return on equity of 21.26%. Nordstrom’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 earnings per share. Sell-side analysts predict that Nordstrom will post 1.91 earnings per share for the current year.

Insider Transactions at Nordstrom

In other Nordstrom news, COO Alexis Depree sold 20,000 shares of Nordstrom stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $23.20, for a total value of $464,000.00. Following the completion of the transaction, the chief operating officer now directly owns 169,331 shares of the company’s stock, valued at approximately $3,928,479.20. The trade was a 10.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.78% of the company’s stock.

Institutional Investors Weigh In On Nordstrom

Several institutional investors and hedge funds have recently made changes to their positions in the company. Venturi Wealth Management LLC boosted its stake in Nordstrom by 355.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,272 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 993 shares during the last quarter. Atlas Capital Advisors LLC lifted its holdings in shares of Nordstrom by 101.8% during the second quarter. Atlas Capital Advisors LLC now owns 1,491 shares of the specialty retailer’s stock valued at $32,000 after purchasing an additional 752 shares in the last quarter. Rothschild Investment LLC purchased a new stake in shares of Nordstrom during the second quarter valued at $39,000. Blue Trust Inc. increased its holdings in Nordstrom by 10,045.8% in the 2nd quarter. Blue Trust Inc. now owns 2,435 shares of the specialty retailer’s stock worth $49,000 after buying an additional 2,411 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in Nordstrom in the 2nd quarter worth about $71,000. Institutional investors 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.