Fifth Third Bancorp Has $42.31 Million Stock Holdings in Steelcase Inc. (NYSE:SCS)

Fifth Third Bancorp raised its stake in shares of Steelcase Inc. (NYSE:SCS) by 7.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,579,117 shares of the business services provider’s stock after purchasing an additional 245,981 shares during the period. Fifth Third Bancorp’s holdings in Steelcase were worth $42,305,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SCS. Centiva Capital LP acquired a new stake in Steelcase during the third quarter valued at $181,000. Creative Planning raised its stake in shares of Steelcase by 8.7% during the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock worth $182,000 after purchasing an additional 1,075 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Steelcase by 33.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 16,028 shares of the business services provider’s stock valued at $207,000 after buying an additional 4,011 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Steelcase in the 3rd quarter valued at approximately $347,000. Finally, CWM LLC increased its holdings in Steelcase by 24.5% in the third quarter. CWM LLC now owns 27,055 shares of the business services provider’s stock worth $365,000 after buying an additional 5,324 shares during the last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Steelcase Price Performance

NYSE SCS opened at $11.55 on Friday. Steelcase Inc. has a fifty-two week low of $10.90 and a fifty-two week high of $14.74. The stock’s 50-day moving average is $12.37 and its two-hundred day moving average is $12.94. The firm has a market cap of $1.31 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 1.16 and a beta of 1.36. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $794.90 million for the quarter, compared to the consensus estimate of $796.58 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $0.30 EPS. On average, analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 30th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Monday, December 30th. Steelcase’s dividend payout ratio is currently 41.67%.

Wall Street Analysts Forecast Growth

Separately, Noble Financial assumed coverage on shares of Steelcase in a research note on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 target price for the company.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the transaction, the vice president now owns 114,481 shares of the company’s stock, valued at approximately $1,344,006.94. The trade was a 4.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.96% of the stock is currently owned by company insiders.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.