Fifth Third Bancorp Cuts Holdings in Steelcase Inc. (NYSE:SCS)

Fifth Third Bancorp lowered its stake in Steelcase Inc. (NYSE:SCS - Free Report) by 12.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,339,810 shares of the business services provider's stock after selling 617,584 shares during the period. Fifth Third Bancorp owned 3.80% of Steelcase worth $58,674,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SCS. ProShare Advisors LLC raised its stake in shares of Steelcase by 12.0% during the second quarter. ProShare Advisors LLC now owns 11,478 shares of the business services provider's stock valued at $88,000 after acquiring an additional 1,233 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Steelcase by 2.0% during the third quarter. Legal & General Group Plc now owns 90,108 shares of the business services provider's stock valued at $1,007,000 after acquiring an additional 1,764 shares during the last quarter. Swiss National Bank raised its stake in shares of Steelcase by 1.0% during the third quarter. Swiss National Bank now owns 185,200 shares of the business services provider's stock valued at $2,069,000 after acquiring an additional 1,900 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Steelcase by 67.1% during the third quarter. Tower Research Capital LLC TRC now owns 5,730 shares of the business services provider's stock valued at $64,000 after acquiring an additional 2,300 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Steelcase by 18.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,521 shares of the business services provider's stock valued at $110,000 after acquiring an additional 2,367 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company's stock.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction on Monday, March 25th. The shares were sold at an average price of $12.61, for a total transaction of $50,440.00. Following the completion of the transaction, the vice president now owns 108,081 shares of the company's stock, valued at $1,362,901.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 12.72% of the stock is owned by insiders.

Steelcase Trading Up 1.6 %

Shares of SCS stock traded up $0.21 during trading hours on Friday, hitting $13.08. 1,366,071 shares of the company's stock traded hands, compared to its average volume of 945,921. Steelcase Inc. has a 12 month low of $6.39 and a 12 month high of $14.54. The stock's 50 day simple moving average is $12.88 and its 200 day simple moving average is $12.18. The stock has a market cap of $1.49 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 1.42 and a beta of 1.35. The company has a quick ratio of 1.12, a current ratio of 1.54 and a debt-to-equity ratio of 0.51.

Steelcase (NYSE:SCS - Get Free Report) last announced its earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.02. Steelcase had a net margin of 2.57% and a return on equity of 13.00%. The business had revenue of $775.20 million during the quarter, compared to the consensus estimate of $780.25 million. During the same quarter last year, the firm earned $0.19 earnings per share. Steelcase's quarterly revenue was down 3.3% on a year-over-year basis. On average, sell-side analysts anticipate that Steelcase Inc. will post 0.92 EPS for the current year.

Steelcase Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Wednesday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Tuesday, April 2nd. Steelcase's dividend payout ratio is presently 58.82%.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Steelcase from a "buy" rating to a "strong-buy" rating in a research note on Friday.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.