Aberdeen Asset Management PLC UK increased its position in shares of KeyCorp (NYSE:KEY) by 1.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,419,629 shares of the financial services provider’s stock after acquiring an additional 19,897 shares during the period. Aberdeen Asset Management PLC UK owned about 0.13% of KeyCorp worth $26,604,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in KEY. Focused Wealth Management Inc raised its holdings in shares of KeyCorp by 613.0% during the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 5,125 shares in the last quarter. Thompson Davis & CO. Inc. increased its position in KeyCorp by 20.2% during 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 during the last quarter. Cypress Capital Management LLC WY increased its position in KeyCorp by 177.9% during the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock worth $132,000 after buying an additional 4,500 shares during the last quarter. CI Investments Inc. acquired a new position in KeyCorp during the first quarter worth $160,000. Finally, Equity Investment Corp Acquisition Inc acquired a new position in KeyCorp during the first quarter worth $179,000. Institutional investors and hedge funds own 80.79% of the company’s stock.
KeyCorp (NYSE KEY) opened at 16.62 on Monday. The company has a 50-day moving average of $17.71 and a 200 day moving average of $18.14. The company has a market cap of $18.07 billion, a PE ratio of 16.50 and a beta of 1.12. KeyCorp has a 52-week low of $11.89 and a 52-week high of $19.53.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, meeting 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 revenue was up 52.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.27 EPS. Equities research analysts predict that KeyCorp will post $1.36 EPS for the current 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 paid a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Friday, August 25th. KeyCorp’s payout ratio is 38.78%.
KeyCorp declared that its board has initiated a stock buyback plan on Wednesday, June 28th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
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Several research firms have commented on KEY. Keefe, Bruyette & Woods set a $20.00 target price on shares of KeyCorp and gave the stock a “hold” rating in a research report on Saturday, June 24th. BidaskClub raised shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of KeyCorp in a research report on Saturday, July 22nd. Instinet reaffirmed a “buy” rating and issued a $23.00 price target on shares of KeyCorp in a research report on Wednesday, July 12th. Finally, Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, July 11th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $19.98.
In related news, Director David K. Wilson acquired 3,500 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The stock was acquired at an average price of $17.87 per share, with a total value of $62,545.00. Following the purchase, the director now directly owns 15,000 shares in the company, valued at $268,050. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 bought 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 in the company, valued at $1,020,250. The disclosure for this purchase can be found here. In the last three months, insiders purchased 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 corporate insiders.
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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