Fifth Third Bancorp Buys New Shares in Kelly Services, Inc. $KELYA

Fifth Third Bancorp purchased a new stake in Kelly Services, Inc. (NASDAQ:KELYA) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 493,943 shares of the business services provider’s stock, valued at approximately $4,371,000. Fifth Third Bancorp owned about 1.44% of Kelly Services at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Quarry LP raised its holdings in Kelly Services by 173.2% during the third quarter. Quarry LP now owns 1,970 shares of the business services provider’s stock worth $26,000 after acquiring an additional 1,249 shares in the last quarter. CANADA LIFE ASSURANCE Co bought a new position in Kelly Services in the fourth quarter valued at approximately $30,000. Meeder Asset Management Inc. bought a new position in Kelly Services in the fourth quarter valued at approximately $42,000. Tower Research Capital LLC TRC increased its position in shares of Kelly Services by 83.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,324 shares of the business services provider’s stock worth $51,000 after purchasing an additional 1,967 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of Kelly Services by 284.2% during the 4th quarter. State of Alaska Department of Revenue now owns 7,220 shares of the business services provider’s stock worth $63,000 after purchasing an additional 5,341 shares during the last quarter. 76.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on KELYA shares. Zacks Research raised Kelly Services from a “strong sell” rating to a “hold” rating in a report on Monday, April 20th. Weiss Ratings downgraded shares of Kelly Services from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Finally, Barrington Research reaffirmed an “outperform” rating on shares of Kelly Services in a research report on Monday, June 29th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $15.00.

Kelly Services Price Performance

NASDAQ:KELYA opened at $15.32 on Friday. Kelly Services, Inc. has a 12-month low of $7.98 and a 12-month high of $15.89. The firm has a market capitalization of $531.14 million, a price-to-earnings ratio of -2.02, a P/E/G ratio of 1.16 and a beta of 0.84. The stock’s 50 day moving average price is $11.88 and its two-hundred day moving average price is $10.30. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.13.

Kelly Services (NASDAQ:KELYA) last issued its earnings results on Thursday, May 7th. The business services provider reported $0.03 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.04). Kelly Services had a positive return on equity of 3.07% and a negative net margin of 6.44%.The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.02 billion. On average, analysts anticipate that Kelly Services, Inc. will post 1.01 earnings per share for the current year.

Kelly Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Monday, May 18th. Kelly Services’s payout ratio is -3.95%.

Insider Activity at Kelly Services

In other news, EVP Vanessa Peterson Williams sold 29,999 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $9.78, for a total value of $293,390.22. Following the transaction, the executive vice president directly owned 82,355 shares of the company’s stock, valued at $805,431.90. This represents a 26.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.40% of the stock is currently owned by corporate insiders.

Kelly Services Profile

Kelly Services, Inc is a global workforce solutions provider specializing in talent acquisition and staffing services across a wide range of industries. The company offers temporary staffing, permanent placement, outsourcing solutions, and consulting services to help organizations address their workforce needs. Its service offerings are designed to support clients in areas such as administrative support, information technology, engineering, science, education, healthcare, and industrial sectors.

Founded in 1946 by William Russell Kelly, Kelly Services has grown from a small local staffing firm into an international organization.