Principal Financial Group Inc. Cuts Stake in Nordstrom, Inc. (NYSE:JWN)

Principal Financial Group Inc. lowered its position in shares of Nordstrom, Inc. (NYSE:JWN – Get Rating) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 379,606 shares of the specialty retailer’s stock after selling 2,753 shares during the period. Principal Financial Group Inc.’s holdings in Nordstrom were worth $10,291,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. grew its stake in Nordstrom by 124.6% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 39,360 shares of the specialty retailer’s stock valued at $890,000 after purchasing an additional 21,837 shares during the last quarter. Stephens Inc. AR grew its stake in Nordstrom by 0.9% in the first quarter. Stephens Inc. AR now owns 74,088 shares of the specialty retailer’s stock valued at $2,009,000 after purchasing an additional 659 shares during the last quarter. Rhumbline Advisers grew its stake in Nordstrom by 2.6% in the fourth quarter. Rhumbline Advisers now owns 297,011 shares of the specialty retailer’s stock valued at $6,718,000 after purchasing an additional 7,414 shares during the last quarter. Ziegler Capital Management LLC purchased a new position in Nordstrom in the first quarter valued at about $1,620,000. Finally, M&T Bank Corp purchased a new position in Nordstrom in the first quarter valued at about $262,000. Hedge funds and other institutional investors own 57.27% of the company’s stock.

Nordstrom Trading Down 20.0 %

Shares of NYSE:JWN opened at $18.57 on Thursday. Nordstrom, Inc. has a 12-month low of $18.54 and a 12-month high of $36.43. The company has a market capitalization of $2.98 billion, a PE ratio of 8.29, a PEG ratio of 1.20 and a beta of 2.21. The business has a 50 day moving average of $22.82 and a two-hundred day moving average of $24.35. The company has a current ratio of 0.99, a quick ratio of 0.31 and a debt-to-equity ratio of 4.85.

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Nordstrom (NYSE:JWN – Get Rating) last announced its earnings results on Tuesday, August 23rd. The specialty retailer reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.01. Nordstrom had a return on equity of 74.13% and a net margin of 2.37%. During the same quarter in the prior year, the business posted $0.49 earnings per share. As a group, analysts forecast that Nordstrom, Inc. will post 3.18 EPS for the current year.

Nordstrom announced that its Board of Directors has approved a stock buyback program on Tuesday, May 24th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the specialty retailer to purchase up to 15.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Nordstrom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 14th. Stockholders of record on Tuesday, August 30th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend is Monday, August 29th. Nordstrom’s payout ratio is 33.93%.

Insider Transactions at Nordstrom

In other news, CFO Anne L. Bramman sold 13,333 shares of the company’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 transaction, 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 SEC, which is available at this link. Corporate insiders own 5.45% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Piper Sandler cut their target price on Nordstrom from $28.00 to $26.00 and set an “overweight” rating on the stock in a research note on Wednesday. Citigroup dropped their price target on Nordstrom from $22.00 to $21.00 in a research note on Wednesday. Deutsche Bank Aktiengesellschaft boosted their price target on Nordstrom from $31.00 to $32.00 in a research note on Wednesday, May 25th. KeyCorp started coverage on Nordstrom in a research note on Wednesday, July 20th. They set an “overweight” rating and a $30.00 price target on the stock. Finally, Cowen dropped their price target on Nordstrom from $30.00 to $24.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 25th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $25.53.

About Nordstrom

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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.