Westpac Banking Corp cut its holdings in shares of KeyCorp (NYSE:KEY) by 74.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,054 shares of the financial services provider’s stock after selling 194,843 shares during the period. Westpac Banking Corp’s holdings in KeyCorp were worth $1,238,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of KeyCorp by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock valued at $1,905,811,000 after acquiring an additional 3,502,973 shares during the period. BlackRock Inc. raised its position in shares of KeyCorp by 3,258.1% in the 1st quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock valued at $1,500,878,000 after acquiring an additional 81,900,174 shares during the period. JPMorgan Chase & Co. raised its position in shares of KeyCorp by 5.9% in the 1st quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock valued at $760,682,000 after acquiring an additional 2,386,757 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of KeyCorp by 3.9% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 17,011,141 shares of the financial services provider’s stock valued at $302,458,000 after acquiring an additional 636,778 shares during the period. Finally, Bessemer Group Inc. raised its position in shares of KeyCorp by 0.7% in the 2nd quarter. Bessemer Group Inc. now owns 12,000,915 shares of the financial services provider’s stock valued at $224,897,000 after acquiring an additional 87,019 shares during the period. Institutional investors own 80.79% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This piece was reported by Sports Perspectives and is the property of of Sports Perspectives. If you are reading this piece on another domain, it was illegally copied and republished in violation of US and international copyright and trademark legislation. The correct version of this piece can be read at https://sportsperspectives.com/2017/09/10/westpac-banking-corp-cuts-holdings-in-keycorp-key.html.
In related news, Director Bruce D. Broussard purchased 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The stock was acquired at an average price of $18.17 per share, for a total transaction of $45,425.00. Following the completion of the acquisition, the director now owns 12,500 shares of the company’s stock, valued at approximately $227,125. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander M. Cutler purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were bought at an average price of $18.55 per share, with a total value of $92,750.00. Following the acquisition, the director now directly owns 55,000 shares of the company’s stock, valued at approximately $1,020,250. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 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.
Shares of KeyCorp (NYSE:KEY) opened at 16.62 on Friday. KeyCorp has a 12-month low of $11.89 and a 12-month high of $19.53. The firm has a market cap of $18.07 billion, a P/E ratio of 16.50 and a beta of 1.12. The stock has a 50 day moving average price of $17.71 and a 200 day moving average price of $18.14.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results 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. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The business 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 company posted $0.27 earnings per share. KeyCorp’s revenue was up 52.1% compared to the same quarter last year. On average, equities analysts expect that KeyCorp will post $1.36 earnings per share 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. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 annualized dividend and a yield of 2.29%. KeyCorp’s dividend payout ratio (DPR) is currently 38.78%.
KeyCorp declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
KEY has been the topic of a number of analyst reports. BidaskClub upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Wednesday, June 21st. Keefe, Bruyette & Woods set a $20.00 price target on shares of KeyCorp and gave the company a “hold” rating in a research report on Saturday, June 24th. Deutsche Bank AG reiterated a “hold” rating on shares of KeyCorp in a research report on Monday, July 3rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $22.00 price target (up from $21.00) on shares of KeyCorp in a research report on Friday, July 7th. 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. KeyCorp currently has a consensus rating of “Hold” and an average target price of $19.98.
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.
Receive News & Ratings for KeyCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for KeyCorp and related companies with MarketBeat.com's FREE daily email newsletter.