Advisor Partners LLC boosted its position in KeyCorp (NYSE:KEY) by 14.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,616 shares of the financial services provider’s stock after buying an additional 1,808 shares during the period. Advisor Partners LLC’s holdings in KeyCorp were worth $274,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Huntington National Bank increased its position in shares of KeyCorp by 0.3% in the first quarter. Huntington National Bank now owns 120,563 shares of the financial services provider’s stock worth $2,144,000 after buying an additional 323 shares during the period. Sanders Morris Harris Inc. purchased a new position in shares of KeyCorp during the first quarter worth about $5,281,000. Bollard Group LLC increased its position in shares of KeyCorp by 5.8% in the first quarter. Bollard Group LLC now owns 121,204 shares of the financial services provider’s stock worth $2,155,000 after buying an additional 6,610 shares during the period. Cutler Capital Management LLC increased its position in shares of KeyCorp by 716.4% in the first quarter. Cutler Capital Management LLC now owns 21,602 shares of the financial services provider’s stock worth $384,000 after buying an additional 18,956 shares during the period. Finally, Patten & Patten Inc. TN increased its position in shares of KeyCorp by 430.5% in the first quarter. Patten & Patten Inc. TN now owns 163,655 shares of the financial services provider’s stock worth $2,910,000 after buying an additional 132,805 shares during the period. Hedge funds and other institutional investors own 81.27% of the company’s stock.
Shares of KeyCorp (NYSE:KEY) opened at 17.52 on Friday. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53. The company has a market cap of $19.05 billion, a price-to-earnings ratio of 17.40 and a beta of 1.11. The stock has a 50 day moving average of $18.51 and a 200 day moving average of $18.27.
KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.34. The firm had revenue of $1.64 billion during 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%. KeyCorp’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 EPS. On average, equities analysts forecast that KeyCorp will post $1.36 EPS for the current year.
KeyCorp announced that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be given a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, August 25th. KeyCorp’s dividend payout ratio is presently 38.78%.
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A number of brokerages have recently issued reports on KEY. Keefe, Bruyette & Woods upgraded shares of KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Monday, July 10th. Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, July 11th. Instinet restated a “buy” rating and issued a $23.00 price target on shares of KeyCorp in a research report on Wednesday, July 12th. UBS AG upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $19.00 to $22.00 in a research report on Monday, July 10th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $21.00 price target on shares of KeyCorp in a research report on Friday, July 14th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $19.74.
In other news, insider Amy G. Brady sold 18,000 shares of KeyCorp stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $18.42, for a total value of $331,560.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Angela G. Mago sold 5,000 shares of KeyCorp stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $18.48, for a total value of $92,400.00. The disclosure for this sale can be found here. In the last ninety days, insiders bought 14,000 shares of company stock valued at $254,720 and sold 259,409 shares valued at $4,794,449. 0.65% of the stock is 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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