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

Fifth Third Bancorp increased its stake in shares of Steelcase Inc. (NYSE:SCS - Free Report) by 7.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 owned approximately 3.15% of Steelcase worth $42,305,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Dimensional Fund Advisors LP grew its stake in shares of Steelcase by 4.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider's stock worth $68,652,000 after purchasing an additional 215,729 shares during the period. State Street Corp grew its stake in shares of Steelcase by 1.0% during the third quarter. State Street Corp now owns 2,260,310 shares of the business services provider's stock worth $30,714,000 after purchasing an additional 22,226 shares during the period. Geode Capital Management LLC grew its stake in shares of Steelcase by 1.0% during the third quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider's stock worth $29,420,000 after purchasing an additional 22,507 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Steelcase by 322.3% during the third quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider's stock worth $7,720,000 after purchasing an additional 436,754 shares during the period. Finally, Empowered Funds LLC grew its stake in shares of Steelcase by 5.4% during the third quarter. Empowered Funds LLC now owns 557,744 shares of the business services provider's stock worth $7,524,000 after purchasing an additional 28,408 shares during the period. 92.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Noble Financial began coverage on Steelcase in a research note on Wednesday, October 9th. They set an "outperform" rating and a $16.00 price objective for the company.

Insider Activity

In other 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 value of $58,700.00. Following the sale, the vice president now directly owns 114,481 shares in the company, valued at $1,344,006.94. The trade was a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 12.96% of the company's stock.

Steelcase Trading Down 0.5 %

SCS stock traded down $0.06 during midday trading on Friday, hitting $11.55. 476,663 shares of the company's stock were exchanged, compared to its average volume of 491,641. The stock's fifty day moving average price is $12.37 and its 200-day moving average price is $12.94. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The company has a market cap of $1.31 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.16 and a beta of 1.36. Steelcase Inc. has a one year low of $10.90 and a one year high of $14.74.

Steelcase (NYSE:SCS - Get Free Report) last posted its earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. The firm had revenue of $794.90 million for the quarter, compared to analyst estimates of $796.58 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The company's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 earnings per share. Research analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were issued a $0.10 dividend. The ex-dividend date was Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.46%. Steelcase's dividend payout ratio (DPR) is 41.67%.

Steelcase 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.