LS Investment Advisors LLC boosted its stake in KeyCorp (NYSE:KEY) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,109 shares of the financial services provider’s stock after buying an additional 1,178 shares during the period. LS Investment Advisors LLC’s holdings in KeyCorp were worth $789,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock valued at $1,905,811,000 after buying an additional 3,502,973 shares during the last quarter. BlackRock Inc. raised its position in shares of KeyCorp by 3,258.1% in the first quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after buying an additional 81,900,174 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of KeyCorp by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock worth $760,682,000 after buying an additional 2,386,757 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of KeyCorp by 3.9% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 17,011,141 shares of the financial services provider’s stock worth $302,458,000 after buying an additional 636,778 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of KeyCorp by 5.5% in the first quarter. Geode Capital Management LLC now owns 10,693,438 shares of the financial services provider’s stock worth $189,862,000 after buying an additional 556,612 shares in the last quarter. 81.91% of the stock is currently owned by institutional investors.
KeyCorp (NYSE:KEY) traded down 1.12% during mid-day trading on Friday, hitting $17.59. The company had a trading volume of 16,152,472 shares. The company’s 50 day moving average price is $18.44 and its 200-day moving average price is $18.25. KeyCorp has a 12-month low of $11.89 and a 12-month high of $19.53. The firm has a market capitalization of $19.13 billion, a PE ratio of 17.47 and a beta of 1.11.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.34. The company had revenue of $1.64 billion for 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 revenue for the quarter was up 52.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.27 earnings per share. On average, analysts forecast that KeyCorp will post $1.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be given a dividend of $0.095 per share. The ex-dividend date is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a yield of 2.16%. KeyCorp’s dividend payout ratio (DPR) is 38.78%.
KeyCorp announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $800.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several brokerages recently weighed in on KEY. Zacks Investment Research upgraded KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, June 21st. Morgan Stanley restated an “overweight” rating and set a $22.00 target price (up previously from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. BidaskClub downgraded KeyCorp from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Deutsche Bank AG reiterated a “hold” rating on shares of KeyCorp in a research report on Monday, July 3rd. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $22.00 price objective on shares of KeyCorp in a research report on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. KeyCorp has an average rating of “Hold” and an average target price of $19.74.
In other KeyCorp news, Director Alexander M. Cutler purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, July 25th. The shares were acquired at an average cost of $18.55 per share, for a total transaction of $92,750.00. Following the completion of the transaction, the director now owns 55,000 shares of the company’s stock, valued at $1,020,250. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ruth Ann M. Gillis purchased 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, for a total transaction of $35,820.00. Following the completion of the transaction, the director now directly owns 10,551 shares of the company’s stock, valued at approximately $188,968.41. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. 0.65% of the stock is currently owned by company insiders.
KeyCorp Company Profile
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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