First Citizens Bank & Trust Co. Decreases Holdings in KeyCorp (KEY)
First Citizens Bank & Trust Co. decreased its position in KeyCorp (NYSE:KEY) by 24.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,727 shares of the financial services provider’s stock after selling 7,611 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in KeyCorp were worth $472,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Boston Partners raised its holdings in KeyCorp by 5.3% in the second quarter. Boston Partners now owns 27,717,101 shares of the financial services provider’s stock worth $541,592,000 after purchasing an additional 1,396,181 shares in the last quarter. Bessemer Group Inc. raised its holdings in KeyCorp by 0.3% in the second quarter. Bessemer Group Inc. now owns 14,351,596 shares of the financial services provider’s stock worth $280,430,000 after purchasing an additional 44,546 shares in the last quarter. Millennium Management LLC raised its holdings in KeyCorp by 87.4% in the second quarter. Millennium Management LLC now owns 14,025,846 shares of the financial services provider’s stock worth $274,065,000 after purchasing an additional 6,540,895 shares in the last quarter. LSV Asset Management grew its stake in shares of KeyCorp by 3.2% in the second quarter. LSV Asset Management now owns 12,649,181 shares of the financial services provider’s stock worth $247,164,000 after acquiring an additional 389,200 shares during the last quarter. Finally, FMR LLC grew its stake in shares of KeyCorp by 3.3% in the second quarter. FMR LLC now owns 12,512,784 shares of the financial services provider’s stock worth $244,500,000 after acquiring an additional 401,074 shares during the last quarter. Institutional investors and hedge funds own 79.94% of the company’s stock.
KeyCorp stock opened at $17.84 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.89. KeyCorp has a one year low of $17.40 and a one year high of $22.40. The firm has a market cap of $19.04 billion, a P/E ratio of 11.10, a price-to-earnings-growth ratio of 0.66 and a beta of 1.01.
KeyCorp announced that its board has approved a stock repurchase plan on Thursday, June 28th that allows the company to buyback $1.23 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider Christopher M. Gorman sold 288,546 shares of the stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $20.80, for a total transaction of $6,001,756.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director H James Dallas acquired 9,610 shares of the company’s stock in a transaction that occurred on Monday, July 23rd. The shares were acquired at an average cost of $20.81 per share, for a total transaction of $199,984.10. Following the completion of the transaction, the director now directly owns 98,791 shares of the company’s stock, valued at $2,055,840.71. The disclosure for this purchase can be found here. Insiders have sold 340,954 shares of company stock worth $7,120,124 over the last ninety days. 0.65% of the stock is currently owned by insiders.
A number of research firms have recently commented on KEY. Zacks Investment Research cut KeyCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, August 22nd. ValuEngine cut KeyCorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Standpoint Research raised KeyCorp from a “hold” rating to a “buy” rating in a research note on Friday, October 12th. BMO Capital Markets cut their target price on KeyCorp from $24.00 to $21.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $23.00 target price on shares of KeyCorp in a research note on Friday, July 13th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $23.56.
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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