Pacific Heights Asset Management LLC maintained its position in shares of KeyCorp (NYSE:KEY) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 450,000 shares of the financial services provider’s stock at the end of the second quarter. Pacific Heights Asset Management LLC’s holdings in KeyCorp were worth $8,433,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in KEY. Focused Wealth Management Inc raised its stake in shares of KeyCorp by 613.0% in the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock valued at $106,000 after buying an additional 5,125 shares during the last quarter. Thompson Davis & CO. Inc. raised its stake in shares of KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,125 shares during the last quarter. Cypress Capital Management LLC WY raised its stake in shares of KeyCorp by 177.9% in the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock valued at $132,000 after buying an additional 4,500 shares during the last quarter. CI Investments Inc. bought a new stake in shares of KeyCorp during the first quarter valued at approximately $160,000. Finally, Equity Investment Corp Acquisition Inc bought a new stake in shares of KeyCorp during the first quarter valued at approximately $179,000. 81.23% of the stock is currently owned by institutional investors and hedge funds.
KeyCorp (NYSE:KEY) traded up 2.05% during midday trading on Friday, hitting $18.40. The stock had a trading volume of 14,673,671 shares. The stock has a 50-day moving average of $18.63 and a 200-day moving average of $18.26. KeyCorp has a 52 week low of $11.44 and a 52 week high of $19.53. The firm has a market cap of $20.11 billion, a P/E ratio of 18.27 and a beta of 1.11.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.34. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The business’s revenue for the quarter was up 52.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.27 earnings per share. Analysts forecast that KeyCorp will post $1.36 EPS for the current fiscal year.
KeyCorp announced that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that allows the company to repurchase $800.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be paid a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.07%. KeyCorp’s dividend payout ratio (DPR) is currently 38.78%.
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KEY has been the topic of several recent research reports. FBR & Co reiterated an “outperform” rating and issued a $22.00 price objective (up from $21.00) on shares of KeyCorp in a research report on Thursday, April 20th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of KeyCorp in a research report on Friday, April 21st. Nomura reiterated a “buy” rating and issued a $23.00 price objective on shares of KeyCorp in a research report on Friday, April 21st. Instinet restated a “buy” rating and issued a $23.00 target price (up from $22.00) on shares of KeyCorp in a report on Sunday, April 23rd. Finally, Keefe, Bruyette & Woods set a $20.00 target price on shares of KeyCorp and gave the company a “hold” rating in a report on Saturday, April 22nd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $19.78.
In other KeyCorp news, insider Craig A. Buffie sold 31,385 shares of the firm’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $18.01, for a total transaction of $565,243.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David K. Wilson bought 3,500 shares of KeyCorp stock in a transaction on Friday, July 28th. The stock was acquired at an average cost of $17.87 per share, for a total transaction of $62,545.00. Following the acquisition, the director now owns 15,000 shares in the company, valued at approximately $268,050. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 14,000 shares of company stock worth $254,720. 0.65% of the stock is owned by corporate insiders.
About KeyCorp
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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