Flinton Capital Management LLC Purchases 19,536 Shares of KeyCorp (KEY)
Flinton Capital Management LLC lifted its position in KeyCorp (NYSE:KEY) by 34.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 76,080 shares of the financial services provider’s stock after buying an additional 19,536 shares during the quarter. Flinton Capital Management LLC’s holdings in KeyCorp were worth $1,426,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Ballentine Partners LLC grew its stake in shares of KeyCorp by 0.5% in the 2nd quarter. Ballentine Partners LLC now owns 12,113 shares of the financial services provider’s stock valued at $223,000 after buying an additional 66 shares in the last quarter. Comerica Securities Inc. grew its stake in shares of KeyCorp by 0.7% in the 2nd quarter. Comerica Securities Inc. now owns 11,535 shares of the financial services provider’s stock valued at $216,000 after buying an additional 83 shares in the last quarter. Essex Financial Services Inc. grew its stake in shares of KeyCorp by 0.3% in the 2nd quarter. Essex Financial Services Inc. now owns 39,160 shares of the financial services provider’s stock valued at $734,000 after buying an additional 117 shares in the last quarter. Dividend Assets Capital LLC grew its stake in shares of KeyCorp by 0.5% in the 2nd quarter. Dividend Assets Capital LLC now owns 24,475 shares of the financial services provider’s stock valued at $459,000 after buying an additional 125 shares in the last quarter. Finally, HM Payson & Co. grew its stake in shares of KeyCorp by 1.2% in the 2nd quarter. HM Payson & Co. now owns 13,041 shares of the financial services provider’s stock valued at $244,000 after buying an additional 150 shares in the last quarter. 80.80% of the stock is owned by institutional investors and hedge funds.
In other news, General Counsel Paul N. Harris sold 205,024 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $18.56, for a total transaction of $3,805,245.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ruth Ann M. Gillis purchased 2,000 shares of the stock in a transaction dated Monday, August 14th. The shares were acquired at an average cost of $17.91 per share, with a total value of $35,820.00. Following the acquisition, the director now directly owns 10,551 shares in the company, valued at approximately $188,968.41. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 16,000 shares of company stock valued at $290,540 and have sold 259,409 shares valued at $4,794,449. Corporate insiders own 0.65% of the company’s stock.
Several brokerages recently commented on KEY. Keefe, Bruyette & Woods set a $20.00 price target on KeyCorp and gave the company a “hold” rating in a research note on Saturday, June 24th. Robert W. Baird reissued a “hold” rating and issued a $18.00 price target on shares of KeyCorp in a research note on Friday. BidaskClub raised KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of KeyCorp in a research report on Saturday, July 22nd. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $20.50 price objective on shares of KeyCorp in a research report on Friday, July 21st. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $20.03.
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KeyCorp (KEY) opened at 18.69 on Friday. The firm’s 50-day moving average price is $17.84 and its 200 day moving average price is $18.07. The firm has a market capitalization of $20.33 billion, a price-to-earnings ratio of 18.56 and a beta of 1.13. KeyCorp has a 1-year low of $12.20 and a 1-year high of $19.53.
KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.34. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company’s revenue was up 52.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.27 EPS. On average, analysts predict that KeyCorp will post $1.36 EPS for the current year.
KeyCorp declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the financial services provider to buy up to 4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th were given a dividend of $0.095 per share. The ex-dividend date of this dividend was Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.03%. KeyCorp’s payout ratio is 38.78%.
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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