D.A. Davidson & CO. Buys 122,049 Shares of KeyCorp (KEY)
D.A. Davidson & CO. lifted its stake in KeyCorp (NYSE:KEY) by 364.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 155,524 shares of the financial services provider’s stock after acquiring an additional 122,049 shares during the period. D.A. Davidson & CO.’s holdings in KeyCorp were worth $2,926,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of KeyCorp by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock worth $2,087,987,000 after acquiring an additional 4,230,390 shares in the last quarter. BlackRock Inc. increased its position in KeyCorp by 2.7% during the 2nd quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock valued at $1,624,654,000 after buying an additional 2,280,450 shares in the last quarter. Boston Partners acquired a new position in KeyCorp during the 3rd quarter valued at about $356,111,000. Northern Trust Corp increased its position in KeyCorp by 1.9% during the 2nd quarter. Northern Trust Corp now owns 12,429,250 shares of the financial services provider’s stock valued at $232,925,000 after buying an additional 231,558 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in KeyCorp by 0.5% during the 3rd quarter. Bessemer Group Inc. now owns 12,065,873 shares of the financial services provider’s stock valued at $227,079,000 after buying an additional 64,958 shares in the last quarter. 82.42% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on KEY. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $22.00 target price on shares of KeyCorp in a research report on Wednesday, September 27th. Wells Fargo & Company began coverage on KeyCorp in a research report on Wednesday, August 9th. They set a “market perform” rating and a $19.00 target price on the stock. ValuEngine lowered KeyCorp from a “buy” rating to a “hold” rating in a research report on Wednesday. BidaskClub lowered KeyCorp from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Zacks Investment Research raised KeyCorp from a “sell” rating to a “hold” rating in a research report on Monday, October 23rd. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $20.82.
In other news, insider Andrew J. Paine III sold 46,854 shares of the company’s 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 sale, the insider now owns 110,052 shares in the company, valued at $2,042,565.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carlton L. Highsmith sold 7,600 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $18.39, for a total value of $139,764.00. Following the completion of the sale, the director now owns 68,725 shares in the company, valued at approximately $1,263,852.75. The disclosure for this sale can be found here. Insiders sold 57,212 shares of company stock worth $1,060,508 over the last three months. Corporate insiders own 0.65% of the company’s stock.
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Shares of KeyCorp (NYSE KEY) traded down $0.12 during mid-day trading on Friday, hitting $18.16. The stock had a trading volume of 9,207,801 shares, compared to its average volume of 10,899,456. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $19,529.26, a price-to-earnings ratio of 13.76, a PEG ratio of 1.65 and a beta of 1.10. KeyCorp has a fifty-two week low of $16.28 and a fifty-two week high of $19.53.
KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates 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 in the prior year, the company earned $0.30 earnings per share. equities analysts expect that KeyCorp will post 1.37 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Tuesday, November 28th will be issued a $0.105 dividend. The ex-dividend date is Monday, November 27th. This is a positive change from KeyCorp’s previous quarterly dividend of $0.10. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.31%. KeyCorp’s dividend payout ratio is currently 33.33%.
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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