Louisiana State Employees Retirement System raised its stake in shares of KeyCorp (NYSE:KEY) by 3.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 68,000 shares of the financial services provider’s stock after buying an additional 2,100 shares during the period. Louisiana State Employees Retirement System’s holdings in KeyCorp were worth $1,274,000 as of its most recent filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. Focused Wealth Management Inc boosted its position 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 in the last quarter. Thompson Davis & CO. Inc. increased 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 worth $119,000 after buying an additional 1,125 shares in the last quarter. CI Investments Inc. acquired a new stake in shares of KeyCorp during the first quarter worth approximately $160,000. Equity Investment Corp Acquisition Inc acquired a new stake in shares of KeyCorp during the first quarter worth approximately $179,000. Finally, First Financial Bank Trust Division acquired a new stake in shares of KeyCorp during the second quarter worth approximately $192,000. 81.91% of the stock is owned by hedge funds and other institutional investors.
KeyCorp (KEY) traded down 1.12% during mid-day trading on Friday, hitting $17.59. 16,152,472 shares of the stock traded hands. 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 P/E ratio of 17.47 and a beta of 1.11. The firm’s 50-day moving average price is $18.48 and its 200-day moving average price is $18.26.
KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the firm posted $0.27 EPS. The firm’s quarterly revenue was up 52.1% on a year-over-year basis. On average, equities analysts forecast that KeyCorp will post $1.36 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders 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 of this dividend is Friday, August 25th. KeyCorp’s dividend payout ratio (DPR) is presently 38.78%.
KeyCorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $800.00 million in shares. This repurchase authorization authorizes 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 of directors believes its shares are undervalued.
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A number of research analysts have commented on the company. Instinet restated a “buy” rating and set a $23.00 price objective (up previously from $22.00) on shares of KeyCorp in a research note on Sunday, April 23rd. Nomura reissued a “buy” rating and issued a $23.00 price objective on shares of KeyCorp in a report on Friday, April 21st. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Wednesday, June 21st. BidaskClub raised KeyCorp from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, BMO Capital Markets upped their target price on KeyCorp to $22.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $19.74.
In related news, Director Alexander M. Cutler acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was acquired at an average price of $18.55 per share, with a total value of $92,750.00. Following the purchase, the director now directly owns 55,000 shares in the company, valued at $1,020,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Paul N. Harris sold 205,024 shares of the stock in a transaction that occurred on 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. In the last ninety days, insiders have bought 16,000 shares of company stock valued at $290,540 and have sold 259,409 shares valued at $4,794,449. Corporate insiders own 0.65% 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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