Brokers Issue Forecasts for Nordstrom, Inc.’s FY2023 Earnings (NYSE:JWN)

Nordstrom, Inc. (NYSE:JWNGet Rating) – Equities research analysts at Telsey Advisory Group lifted their FY2023 earnings estimates for shares of Nordstrom in a report released on Wednesday, November 23rd. Telsey Advisory Group analyst D. Telsey now anticipates that the specialty retailer will post earnings per share of $2.42 for the year, up from their prior estimate of $2.40. Telsey Advisory Group currently has a “Market Perform” rating and a $25.00 target price on the stock. The consensus estimate for Nordstrom’s current full-year earnings is $2.32 per share. Telsey Advisory Group also issued estimates for Nordstrom’s Q4 2023 earnings at $1.48 EPS, Q2 2024 earnings at $0.86 EPS and Q4 2024 earnings at $1.52 EPS.

Nordstrom (NYSE:JWNGet Rating) last posted its earnings results on Tuesday, November 22nd. The specialty retailer reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Nordstrom had a net margin of 2.08% and a return on equity of 57.97%. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.49 billion. During the same quarter in the previous year, the firm posted $0.39 earnings per share. The company’s revenue was down 3.8% on a year-over-year basis.

Several other research firms also recently issued reports on JWN. Barclays lowered their price objective on Nordstrom from $21.00 to $18.00 and set an “underweight” rating for the company in a research note on Thursday, August 25th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Nordstrom from $23.00 to $22.00 and set a “hold” rating on the stock in a report on Monday, November 14th. Piper Sandler decreased their price objective on Nordstrom from $28.00 to $26.00 and set an “overweight” rating for the company in a report on Wednesday, August 24th. Morgan Stanley lowered their target price on Nordstrom from $19.00 to $18.00 and set an “underweight” rating for the company in a research report on Wednesday, August 24th. Finally, Citigroup reduced their price target on Nordstrom from $22.00 to $21.00 in a research report on Wednesday, August 24th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $22.79.

Nordstrom Price Performance

Shares of JWN opened at $21.69 on Thursday. The business has a 50-day simple moving average of $19.58 and a two-hundred day simple moving average of $21.55. Nordstrom has a 12-month low of $16.14 and a 12-month high of $29.59. The stock has a market cap of $3.45 billion, a PE ratio of 10.85, a PEG ratio of 1.63 and a beta of 2.17. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 4.30.

Nordstrom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 14th. Shareholders of record on Tuesday, November 29th will be issued a $0.19 dividend. The ex-dividend date is Monday, November 28th. This represents a $0.76 dividend on an annualized basis and a yield of 3.50%. Nordstrom’s payout ratio is currently 38.00%.

Institutional Trading of Nordstrom

Several large investors have recently modified their holdings of JWN. Sandy Spring Bank boosted its stake in Nordstrom by 500.0% during the second quarter. Sandy Spring Bank now owns 1,200 shares of the specialty retailer’s stock worth $25,000 after acquiring an additional 1,000 shares in the last quarter. Tcwp LLC acquired a new stake in shares of Nordstrom in the 1st quarter valued at about $26,000. Charter Oak Capital Management LLC acquired a new stake in shares of Nordstrom in the 2nd quarter valued at about $34,000. Bartlett & Co. LLC increased its position in Nordstrom by 200.0% in the 2nd quarter. Bartlett & Co. LLC now owns 1,950 shares of the specialty retailer’s stock valued at $41,000 after buying an additional 1,300 shares in the last quarter. Finally, Clear Street Markets LLC acquired a new position in Nordstrom during the 2nd quarter worth approximately $49,000. Institutional investors and hedge funds own 59.36% of the company’s stock.

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.

See Also

Earnings History and Estimates for Nordstrom (NYSE:JWN)

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