Bank of Nova Scotia Sells 31,155 Shares of Five Below, Inc. (NASDAQ:FIVE)

Key Points

• Bank of Nova Scotia has reduced its stake in Five Below, Inc. by 26.3%, selling 31,155 shares and now holding approximately 0.16% of the company valued at $6,556,000.
• Five Below reported a quarterly earnings per share (EPS) of $0.86, exceeding analyst expectations of $0.83, with revenue reaching $970.53 million—an increase of 19.5% year-over-year.
• Analysts are optimistic about Five Below's growth, with target prices raised by several firms, including an increase from $115.00 to $120.00 by Evercore ISI, while the stock holds an average rating of "Hold."

Bank of Nova Scotia trimmed its stake in shares of Five Below, Inc. (NASDAQ:FIVE - Free Report) by 26.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 87,517 shares of the specialty retailer's stock after selling 31,155 shares during the quarter. Bank of Nova Scotia owned approximately 0.16% of Five Below worth $6,556,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Bank of Montreal Can raised its position in shares of Five Below by 1.0% during the fourth quarter. Bank of Montreal Can now owns 12,172 shares of the specialty retailer's stock worth $1,278,000 after acquiring an additional 123 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in Five Below by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 23,902 shares of the specialty retailer's stock worth $2,509,000 after purchasing an additional 150 shares during the period. PNC Financial Services Group Inc. grew its stake in Five Below by 2.4% during the first quarter. PNC Financial Services Group Inc. now owns 6,681 shares of the specialty retailer's stock worth $501,000 after purchasing an additional 155 shares during the period. Sterling Capital Management LLC grew its stake in Five Below by 13.1% during the fourth quarter. Sterling Capital Management LLC now owns 1,366 shares of the specialty retailer's stock worth $143,000 after purchasing an additional 158 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in Five Below by 2.6% during the first quarter. State of Alaska Department of Revenue now owns 6,440 shares of the specialty retailer's stock worth $482,000 after purchasing an additional 165 shares during the period.

Five Below Trading Up 2.5%

NASDAQ FIVE opened at $136.53 on Tuesday. The firm has a market capitalization of $7.52 billion, a P/E ratio of 28.62 and a beta of 1.06. The business has a fifty day simple moving average of $129.41 and a 200 day simple moving average of $99.39. Five Below, Inc. has a 12 month low of $52.38 and a 12 month high of $143.88.

Five Below (NASDAQ:FIVE - Get Free Report) last issued its quarterly earnings results on Wednesday, June 4th. The specialty retailer reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.83 by $0.03. The company had revenue of $970.53 million during the quarter, compared to the consensus estimate of $966.29 million. Five Below had a return on equity of 17.00% and a net margin of 6.52%. Five Below's revenue was up 19.5% on a year-over-year basis. During the same period last year, the business posted $0.60 earnings per share. As a group, sell-side analysts predict that Five Below, Inc. will post 4.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Evercore ISI raised their target price on Five Below from $115.00 to $120.00 and gave the stock an "in-line" rating in a research note on Tuesday, June 24th. Bank of America raised their target price on Five Below from $78.00 to $93.00 and gave the stock an "underperform" rating in a research note on Thursday, June 5th. Mizuho raised their target price on Five Below from $88.00 to $100.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd. JPMorgan Chase & Co. raised their target price on Five Below from $105.00 to $154.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Finally, Truist Financial increased their price target on Five Below from $81.00 to $112.00 and gave the stock a "hold" rating in a report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Five Below has an average rating of "Hold" and an average target price of $119.00.

Insider Activity

In other news, insider George Hill sold 1,500 shares of the firm's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $140.00, for a total transaction of $210,000.00. Following the completion of the sale, the insider directly owned 42,672 shares of the company's stock, valued at $5,974,080. This trade represents a 3.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Amit Jhunjhunwala sold 1,700 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $125.17, for a total value of $212,789.00. Following the sale, the insider directly owned 25,890 shares of the company's stock, valued at approximately $3,240,651.30. This represents a 6.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,200 shares of company stock valued at $1,740,209 in the last ninety days. 1.90% of the stock is currently owned by insiders.

Five Below Company Profile

Five Below, Inc operates as a specialty value retailer in the United States. The company offers range of accessories, which includes novelty socks, sunglasses, jewelry, scarves, gloves, hair accessories, athletic tops and bottoms, and t-shirts, as well as nail polish, lip gloss, fragrance, and branded cosmetics; and personalized living space products, such as lamps, posters, frames, fleece blankets, plush items, pillows, candles, incense, lighting, novelty décor, accent furniture, and related items, as well as provides storage options.

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