ING Groep NV Increases Stake in KeyCorp (NYSE:KEY)

ING Groep NV boosted its stake in KeyCorp (NYSE:KEY) by 2.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 56,104 shares of the financial services provider’s stock after buying an additional 1,372 shares during the period. ING Groep NV’s holdings in KeyCorp were worth $1,051,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec raised its position in KeyCorp by 447.1% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,182,062 shares of the financial services provider’s stock valued at $21,040,000 after buying an additional 966,000 shares in the last quarter. Trust Co. of Toledo NA OH raised its stake in shares of KeyCorp by 0.4% in the second 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. Bollard Group LLC raised its stake 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 last quarter. James Investment Research Inc. raised its stake in shares of KeyCorp by 1.3% in the first quarter. James Investment Research Inc. now owns 1,077,660 shares of the financial services provider’s stock worth $19,161,000 after buying an additional 14,300 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its position in shares of KeyCorp by 62.1% in the second 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 period. 81.91% of the stock is owned by hedge funds and other institutional investors.

KeyCorp (NYSE KEY) traded down 1.12% on Friday, hitting $17.59. The stock had a trading volume of 16,152,472 shares. KeyCorp has a 52-week low of $11.89 and a 52-week high of $19.53. The firm has a market cap of $19.13 billion, a price-to-earnings ratio of 17.47 and a beta of 1.11. The company’s 50 day moving average price is $18.44 and its 200 day moving average price is $18.25.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.34. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 earnings per share. Analysts expect that KeyCorp will post $1.36 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be paid a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 2.16%. The ex-dividend date is Friday, August 25th. KeyCorp’s payout ratio is currently 38.78%.

KeyCorp declared that its Board of Directors has approved a share 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

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Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods set a $20.00 price objective on KeyCorp and gave the company a “hold” rating in a report on Saturday, June 24th. BidaskClub raised KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of KeyCorp in a report on Saturday, July 22nd. Instinet restated a “buy” rating and issued a $23.00 price target (up from $22.00) on shares of KeyCorp in a research note on Sunday, April 23rd. Finally, Nomura reiterated a “buy” rating and set a $23.00 target price on shares of KeyCorp in a research report on Friday, April 21st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. KeyCorp presently has a consensus rating of “Hold” and an average price target of $19.74.

In other news, Director Ruth Ann M. Gillis acquired 2,000 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was acquired at an average price of $17.91 per share, with a total value of $35,820.00. Following the completion of the purchase, the director now directly owns 10,551 shares in the company, valued at $188,968.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander M. Cutler acquired 5,000 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was purchased at an average cost of $18.55 per share, with a total value of $92,750.00. Following the purchase, the director now owns 55,000 shares of the company’s stock, valued at $1,020,250. The disclosure for this purchase can be found here. In 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 owned by company 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.

Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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