Cowen reiterated an Outperform rating and $85.00 price target on Nordstrom (NYSE: JWN) following the announced completion of its credit card sale. JWN intends to deploy the net proceeds to shareholders announcing a special dividend of $4.85 payable on Oct. 27th to shareholders of record at close on Oct. 12th. The company will also increase is share buyback program by $1B.

Analyst Oliver Chen commented, "Aftermarket close, JWN announced the completion of its credit card sale and confirmed the net proceeds of $1.8B will be returned to shareholders with a $4.85 special dividend ($900MM) on Oct. 27th + $1B increase to share buyback program. Guidance update due on 3Q EPS call after accounting details finalized."

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Shares of Nordstrom closed at $71.43 yesterday.

Analyst Comments

Brean Capital reiterates Hold on Nordstrom (JWN) Following Completion on Credit Card Receivables Sale October 2, 2015 11:02 AM After Hours Stocks Movers 10/01: (BEBE) (MU) (CAMP) Higher; (PRGS) (GMCR) (O) (more...)October 1, 2015 6:09 PM Nordstrom (JWN) Declares $4.85 Special Dividend; Approves $1B BuybackOctober 1, 2015 4:26 PM Nordstrom Announces Closing of its Credit Card TransactionOctober 1, 2015 4:15 PM Gabrielle Bridges Joins DERMAdoctor, Inc. as Executive Vice President of SalesSeptember 30, 2015 10:07 AM MetLife Leads Group of Insurers Providing $1 Billion, 12-Year Fixed-Rate Loan to Refinance Luxury Mall in Short Hills, N.J.September 30, 2015 9:00 AM