American International Group Inc. Cuts Position in KeyCorp (KEY)
American International Group Inc. reduced its position in KeyCorp (NYSE:KEY) by 12.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 392,461 shares of the financial services provider’s stock after selling 54,370 shares during the quarter. American International Group Inc.’s holdings in KeyCorp were worth $7,386,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in KeyCorp in the third quarter valued at about $145,000. Sun Life Financial INC raised its position in KeyCorp by 80,370.0% in the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 8,037 shares during the period. AllSquare Wealth Management LLC purchased a new position in KeyCorp in the third quarter valued at about $173,000. Quantbot Technologies LP purchased a new position in KeyCorp in the second quarter valued at about $174,000. Finally, Connable Office Inc. purchased a new position in KeyCorp in the third quarter valued at about $195,000. 81.23% of the stock is currently owned by institutional investors.
Several research analysts have commented on KEY shares. Wells Fargo & Company started coverage on KeyCorp in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $19.00 price objective on the stock. Sanford C. Bernstein raised KeyCorp from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $21.00 to $22.00 in a research report on Thursday, September 14th. Zacks Investment Research lowered KeyCorp from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. Robert W. Baird reissued a “hold” rating and issued a $18.00 price objective on shares of KeyCorp in a research report on Friday, October 6th. Finally, Citigroup raised their price objective on KeyCorp from $19.00 to $20.00 and gave the company a “neutral” rating in a research report on Monday, October 9th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $20.97.
In other news, Director Elizabeth R. Gile purchased 1,374 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was acquired at an average cost of $18.23 per share, for a total transaction of $25,048.02. Following the completion of the purchase, the director now owns 24,989 shares of the company’s stock, valued at $455,549.47. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Paine III sold 46,854 shares of KeyCorp stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $18.56, for a total value of $869,610.24. Following the completion of the transaction, the insider now owns 110,052 shares of the company’s stock, valued at $2,042,565.12. The disclosure for this sale can be found here. Insiders sold 57,212 shares of company stock valued at $1,060,508 over the last quarter. Insiders own 0.65% of the company’s stock.
Shares of KeyCorp (NYSE KEY) opened at $19.13 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a market capitalization of $20,411.09, a PE ratio of 14.38, a PEG ratio of 1.73 and a beta of 1.10. KeyCorp has a 52 week low of $16.28 and a 52 week high of $19.53.
KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The company’s revenue was up 13.7% on a year-over-year basis. During the same period last year, the firm earned $0.30 earnings per share. sell-side analysts predict that KeyCorp will post 1.37 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Tuesday, November 28th will be paid a $0.105 dividend. This represents a $0.42 dividend on an annualized basis and a yield of 2.20%. This is an increase from KeyCorp’s previous quarterly dividend of $0.10. The ex-dividend date is Monday, November 27th. KeyCorp’s dividend payout ratio (DPR) is 36.84%.
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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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