Stephens Inc. AR reduced its stake in shares of KeyCorp (NYSE:KEY) by 13.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,668 shares of the financial services provider’s stock after selling 8,099 shares during the quarter. Stephens Inc. AR’s holdings in KeyCorp were worth $950,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec grew its stake in KeyCorp by 447.1% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,182,062 shares of the financial services provider’s stock worth $21,040,000 after buying an additional 966,000 shares during the last quarter. Trust Co. of Toledo NA OH grew its stake in KeyCorp by 0.4% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 42,951 shares of the financial services provider’s stock worth $805,000 after buying an additional 178 shares during the last quarter. Flippin Bruce & Porter Inc. grew its stake in KeyCorp by 3.9% during the 2nd quarter. Flippin Bruce & Porter Inc. now owns 451,881 shares of the financial services provider’s stock worth $8,468,000 after buying an additional 17,103 shares during the last quarter. Greenwood Capital Associates LLC grew its stake in KeyCorp by 1.3% during the 2nd quarter. Greenwood Capital Associates LLC now owns 41,874 shares of the financial services provider’s stock worth $785,000 after buying an additional 534 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its stake in KeyCorp by 62.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 68,512 shares of the financial services provider’s stock worth $1,283,000 after buying an additional 26,248 shares during the last quarter. Hedge funds and other institutional investors own 80.79% of the company’s stock.
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Shares of KeyCorp (NYSE KEY) opened at 17.92 on Friday. The stock’s 50 day moving average price is $17.63 and its 200-day moving average price is $18.09. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53. The stock has a market capitalization of $19.49 billion, a P/E ratio of 17.80 and a beta of 1.12.
KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the firm earned $0.27 earnings per share. The company’s revenue was up 52.1% on a year-over-year basis. Equities research analysts anticipate that KeyCorp will post $1.36 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th were paid a $0.095 dividend. The ex-dividend date was Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a yield of 2.12%. KeyCorp’s payout ratio is 38.78%.
KeyCorp announced that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $800.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
KEY has been the subject of a number of recent research reports. Morgan Stanley restated an “overweight” rating and set a $22.00 price objective (up from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. UBS AG upgraded KeyCorp from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $19.00 to $22.00 in a research note on Monday, July 10th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of KeyCorp in a research note on Saturday, July 22nd. Zacks Investment Research downgraded KeyCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $21.00 price target on shares of KeyCorp in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $20.13.
In other news, General Counsel Paul N. Harris sold 205,024 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $18.56, for a total value of $3,805,245.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ruth Ann M. Gillis purchased 2,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was purchased at an average price of $17.91 per share, for a total transaction of $35,820.00. Following the completion of the acquisition, the director now owns 10,551 shares of the company’s stock, valued at $188,968.41. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 16,000 shares of company stock valued at $290,540 and sold 259,409 shares valued at $4,794,449. 0.65% of the stock is currently owned by insiders.
KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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