440 Investment Group LLC Reduces Stake in KeyCorp (NYSE:KEY)
440 Investment Group LLC cut its position in KeyCorp (NYSE:KEY) by 11.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,700 shares of the financial services provider’s stock after selling 5,500 shares during the period. 440 Investment Group LLC’s holdings in KeyCorp were worth $763,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its stake in 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 during the last quarter. Janus Capital Management LLC increased its stake in KeyCorp by 2,048.7% in the first quarter. Janus Capital Management LLC now owns 6,317,037 shares of the financial services provider’s stock worth $112,317,000 after buying an additional 6,023,049 shares during the last quarter. Vanguard Group Inc. increased its stake in KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock worth $1,905,811,000 after buying an additional 3,502,973 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in KeyCorp during the first quarter worth approximately $47,742,000. Finally, JPMorgan Chase & Co. increased its stake in 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 during the last quarter. Institutional investors and hedge funds own 81.27% of the company’s stock.
KeyCorp (NYSE:KEY) opened at 17.52 on Friday. KeyCorp has a 12 month low of $11.89 and a 12 month high of $19.53. The company’s 50-day moving average is $18.51 and its 200-day moving average is $18.27. The stock has a market capitalization of $19.05 billion, a P/E ratio of 17.40 and a beta of 1.11.
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 consensus estimate of $0.34. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The business’s quarterly revenue was up 52.1% on a year-over-year basis. During the same period last year, the business earned $0.27 EPS. Equities analysts anticipate that KeyCorp will post $1.36 earnings per share for the current year.
KeyCorp declared that its board has authorized a stock repurchase plan 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 plans are usually a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be paid a dividend of $0.095 per share. The ex-dividend date is Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 2.17%. KeyCorp’s dividend payout ratio is currently 38.78%.
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A number of analysts recently commented on KEY shares. Morgan Stanley reiterated an “overweight” rating and issued a $22.00 target price (up from $21.00) on shares of KeyCorp in a report on Friday, July 7th. UBS AG upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $19.00 to $22.00 in a report on Monday, July 10th. BMO Capital Markets boosted their target price on shares of KeyCorp to $22.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of KeyCorp in a report on Saturday, July 22nd. Finally, Zacks Investment Research downgraded shares of KeyCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company has a consensus 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 dated 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 directly 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 this link. Also, Director Bruce D. Broussard purchased 2,500 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were acquired at an average cost of $18.17 per share, with a total value of $45,425.00. Following the completion of the purchase, the director now directly owns 12,500 shares in the company, valued at $227,125. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 14,000 shares of company stock valued at $254,720 and have sold 259,409 shares valued at $4,794,449. 0.65% of the stock is owned by company 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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