Bp Plc Buys Shares of 122,000 KeyCorp (KEY)
Bp Plc bought a new stake in shares of KeyCorp (NYSE:KEY) during the second quarter, according to its most recent filing with the SEC. The firm bought 122,000 shares of the financial services provider’s stock, valued at approximately $2,286,000.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position 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 valued at $1,500,878,000 after buying an additional 81,900,174 shares during the period. Janus Capital Management LLC raised its position 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 valued at $112,317,000 after buying an additional 6,023,049 shares during the period. Vanguard Group Inc. raised its position 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 valued at $1,905,811,000 after buying an additional 3,502,973 shares during the period. Renaissance Technologies LLC acquired a new position in KeyCorp during the first quarter valued at $47,742,000. Finally, JPMorgan Chase & Co. raised its position 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 valued at $760,682,000 after buying an additional 2,386,757 shares during the period. 81.27% of the stock is currently owned by hedge funds and other institutional investors.
Shares of KeyCorp (NYSE KEY) opened at 17.62 on Friday. KeyCorp has a 52-week low of $11.89 and a 52-week high of $19.53. The stock has a 50 day moving average of $18.52 and a 200-day moving average of $18.27. The stock has a market capitalization of $19.16 billion, a price-to-earnings ratio of 17.50 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 (EPS) for the quarter, meeting 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 analyst estimates of $1.53 billion. During the same period in the previous year, the firm earned $0.27 EPS. KeyCorp’s quarterly revenue was up 52.1% compared to the same quarter last year. On average, equities research analysts predict that KeyCorp will post $1.36 EPS for the current fiscal year.
KeyCorp declared that its Board of Directors has initiated a stock buyback 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 repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The firm 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 $0.095 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 2.16%. KeyCorp’s dividend payout ratio is presently 38.78%.
Several equities analysts have recently weighed in on KEY shares. FBR & Co restated an “outperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research report on Thursday, April 20th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of KeyCorp in a research report on Friday, April 21st. Nomura restated a “buy” rating and set a $23.00 price objective on shares of KeyCorp in a research report on Friday, April 21st. Instinet restated a “buy” rating and set a $23.00 price objective (up previously from $22.00) on shares of KeyCorp in a research report on Sunday, April 23rd. Finally, Keefe, Bruyette & Woods set a $20.00 price objective on shares of KeyCorp and gave the company a “hold” rating in a research report on Saturday, April 22nd. Three 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. The company presently has an average rating of “Hold” and a consensus target price of $19.74.
In related news, insider Amy G. Brady sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $18.42, for a total value of $331,560.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander M. Cutler acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The stock was acquired at an average price of $18.55 per share, with a total value of $92,750.00. Following the completion of the transaction, the director now directly owns 55,000 shares in the company, valued at approximately $1,020,250. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 14,000 shares of company stock valued at $254,720 and sold 259,409 shares valued at $4,794,449. 0.65% of the stock is currently owned by 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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