KeyCorp (NYSE:KEY) General Counsel Paul N. Harris sold 205,024 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $18.56, for a total value of $3,805,245.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
KeyCorp (NYSE KEY) opened at 17.59 on Friday. The stock has a 50 day moving average price of $18.44 and a 200 day moving average price of $18.25. KeyCorp has a one year low of $11.89 and a one year high of $19.53. The firm has a market cap of $19.13 billion, a PE ratio of 17.47 and a beta of 1.11.
KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate 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 for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the company posted $0.27 earnings per share. The business’s revenue was up 52.1% on a year-over-year basis. Equities research analysts expect that KeyCorp will post $1.36 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Friday, August 25th. KeyCorp’s dividend payout ratio is currently 38.78%.
KeyCorp declared that its board has initiated 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 buy up to 4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
KEY has been the subject of several analyst reports. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Wednesday, June 21st. Morgan Stanley reaffirmed an “overweight” rating and issued a $22.00 price objective (up from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. BidaskClub lowered KeyCorp from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Deutsche Bank AG reissued a “hold” rating on shares of KeyCorp in a research note on Monday, July 3rd. Finally, BMO Capital Markets reissued a “buy” rating and set a $22.00 price target on shares of KeyCorp in a research note on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $19.74.
A number of large investors have recently made changes to their positions in the stock. Macquarie Group Ltd. increased its stake in shares of KeyCorp by 31.7% in the fourth quarter. Macquarie Group Ltd. now owns 869,496 shares of the financial services provider’s stock worth $15,885,000 after buying an additional 209,075 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in shares of KeyCorp by 2.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 924,505 shares of the financial services provider’s stock worth $16,438,000 after buying an additional 21,454 shares during the last quarter. Raymond James Trust N.A. increased its stake in shares of KeyCorp by 5.5% in the first quarter. Raymond James Trust N.A. now owns 14,906 shares of the financial services provider’s stock worth $265,000 after buying an additional 774 shares during the last quarter. Gulf International Bank UK Ltd increased its stake in shares of KeyCorp by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 332,047 shares of the financial services provider’s stock worth $5,903,000 after buying an additional 4,400 shares during the last quarter. Finally, National Pension Service increased its stake in shares of KeyCorp by 9.3% in the first quarter. National Pension Service now owns 899,234 shares of the financial services provider’s stock worth $16,177,000 after buying an additional 76,297 shares during the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.
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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