New Mexico Educational Retirement Board lowered its stake in shares of KeyCorp (NYSE:KEY) by 6.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,887 shares of the financial services provider’s stock after selling 6,800 shares during the period. New Mexico Educational Retirement Board’s holdings in KeyCorp were worth $1,838,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Huntington National Bank raised its stake in KeyCorp by 0.3% in the first quarter. Huntington National Bank now owns 120,563 shares of the financial services provider’s stock valued at $2,144,000 after buying an additional 323 shares in the last quarter. Sanders Morris Harris Inc. purchased a new stake in KeyCorp during the first quarter valued at approximately $5,281,000. Bollard Group LLC raised its stake in KeyCorp by 5.8% in the first quarter. Bollard Group LLC now owns 121,204 shares of the financial services provider’s stock valued at $2,155,000 after buying an additional 6,610 shares in the last quarter. Cutler Capital Management LLC raised its stake in KeyCorp by 716.4% in the first quarter. Cutler Capital Management LLC now owns 21,602 shares of the financial services provider’s stock valued at $384,000 after buying an additional 18,956 shares in the last quarter. Finally, Patten & Patten Inc. TN raised its stake in KeyCorp by 430.5% in the first quarter. Patten & Patten Inc. TN now owns 163,655 shares of the financial services provider’s stock valued at $2,910,000 after buying an additional 132,805 shares in the last quarter. Institutional investors own 81.27% of the company’s stock.
KeyCorp (NYSE:KEY) opened at 17.52 on Friday. KeyCorp has a 52 week low of $11.89 and a 52 week high of $19.53. The stock has a market capitalization of $19.05 billion, a P/E ratio of 17.40 and a beta of 1.11. The firm’s 50-day moving average is $18.51 and its 200-day moving average is $18.27.
KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.34. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The firm’s quarterly revenue was up 52.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.27 EPS. On average, equities research analysts predict that KeyCorp will post $1.36 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a yield of 2.17%. KeyCorp’s dividend payout ratio (DPR) is 38.78%.
KeyCorp declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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Several research firms have issued reports on KEY. Keefe, Bruyette & Woods raised shares of KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a report on Monday, July 10th. Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Tuesday, July 11th. Instinet reaffirmed a “buy” rating and set a $23.00 price objective on shares of KeyCorp in a report on Wednesday, July 12th. UBS AG raised shares of KeyCorp from a “neutral” rating to a “buy” rating and increased their price objective for the company from $19.00 to $22.00 in a report on Monday, July 10th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $21.00 price objective on shares of KeyCorp in a report on Friday, July 14th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $19.74.
In other KeyCorp news, insider Angela G. Mago sold 5,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $18.48, for a total value of $92,400.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Paul N. Harris sold 205,024 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $18.56, for a total transaction of $3,805,245.44. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 14,000 shares of company stock worth $254,720 and sold 259,409 shares worth $4,794,449. 0.65% of the stock is currently owned by corporate 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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