Steelcase Inc. (NYSE:SCS) Position Raised by Truist Financial Corp

Truist Financial Corp increased its position in shares of Steelcase Inc. (NYSE:SCSGet Rating) by 10.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,489 shares of the business services provider’s stock after purchasing an additional 1,454 shares during the period. Truist Financial Corp’s holdings in Steelcase were worth $185,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SCS. Allspring Global Investments Holdings LLC bought a new stake in Steelcase during the fourth quarter worth approximately $2,222,000. Gitterman Wealth Management LLC raised its holdings in Steelcase by 23.7% during the fourth quarter. Gitterman Wealth Management LLC now owns 13,386 shares of the business services provider’s stock worth $158,000 after purchasing an additional 2,564 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Steelcase during the fourth quarter worth approximately $1,177,000. Nisa Investment Advisors LLC increased its holdings in shares of Steelcase by 71.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 17,840 shares of the business services provider’s stock valued at $220,000 after buying an additional 7,440 shares in the last quarter. Finally, Boston Partners bought a new position in shares of Steelcase in the fourth quarter valued at $17,923,000. Institutional investors own 94.65% of the company’s stock.

Steelcase Price Performance

NYSE SCS opened at $11.13 on Monday. The stock has a market capitalization of $1.26 billion, a P/E ratio of 65.47 and a beta of 1.19. Steelcase Inc. has a 1 year low of $10.19 and a 1 year high of $14.38. The business’s fifty day moving average is $11.22 and its two-hundred day moving average is $11.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.93 and a current ratio of 1.56.

Steelcase (NYSE:SCSGet Rating) last posted its quarterly earnings results on Wednesday, June 22nd. The business services provider reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.13. The company had revenue of $740.70 million for the quarter. Steelcase had a return on equity of 3.10% and a net margin of 0.70%.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 18th. Shareholders of record on Thursday, July 7th were given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 5.21%. The ex-dividend date of this dividend was Wednesday, July 6th. Steelcase’s payout ratio is 341.20%.

About Steelcase

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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.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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