FUKOKU MUTUAL LIFE INSURANCE Co Holds Holdings in KeyCorp (KEY)
FUKOKU MUTUAL LIFE INSURANCE Co held its stake in KeyCorp (NYSE:KEY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,100 shares of the financial services provider’s stock at the close of the 2nd quarter. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in KeyCorp were worth $189,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Zurich Insurance Group Ltd FI grew its position in shares of KeyCorp by 48.0% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 227,922 shares of the financial services provider’s stock worth $4,271,000 after buying an additional 73,953 shares during the last quarter. Sun Life Financial INC increased its stake in shares of KeyCorp by 80,370.0% during the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after buying an additional 8,037 shares during the period. Picton Mahoney Asset Management increased its stake in shares of KeyCorp by 22.1% during the second quarter. Picton Mahoney Asset Management now owns 1,054,525 shares of the financial services provider’s stock valued at $19,762,000 after buying an additional 190,575 shares during the period. Institute for Wealth Management LLC. bought a new position in shares of KeyCorp during the second quarter valued at approximately $550,000. Finally, Clinton Group Inc. bought a new position in shares of KeyCorp during the second quarter valued at approximately $1,776,000. Hedge funds and other institutional investors own 80.80% of the company’s stock.
In other KeyCorp news, Director David K. Wilson purchased 3,500 shares of the stock in a transaction on Friday, July 28th. The stock was acquired at an average price of $17.87 per share, with a total value of $62,545.00. Following the completion of the acquisition, the director now owns 15,000 shares in the company, valued at $268,050. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Alexander M. Cutler purchased 5,000 shares of the stock in a transaction on Tuesday, July 25th. The stock was acquired at an average cost of $18.55 per share, with a total value of $92,750.00. Following the acquisition, the director now owns 55,000 shares of the company’s stock, valued at approximately $1,020,250. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. Corporate insiders own 0.65% of the company’s stock.
KeyCorp (NYSE:KEY) traded down 0.347% during midday trading on Wednesday, hitting $18.675. 1,250,114 shares of the stock were exchanged. The company has a market cap of $20.31 billion, a PE ratio of 18.545 and a beta of 1.13. The firm’s 50 day moving average price is $17.77 and its 200 day moving average price is $18.06. KeyCorp has a 12 month low of $12.20 and a 12 month high of $19.53.
KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the firm earned $0.27 EPS. The business’s quarterly revenue was up 52.1% on a year-over-year basis. On average, equities research analysts forecast that KeyCorp will post $1.36 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 29th were given a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a yield of 2.03%. The ex-dividend date was Friday, August 25th. KeyCorp’s dividend payout ratio is currently 38.78%.
KeyCorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $800.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
Several analysts recently weighed in on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $22.00 price target (up previously from $21.00) on shares of KeyCorp in a report on Friday, July 7th. UBS AG upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $19.00 to $22.00 in a report on Monday, July 10th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of KeyCorp in a report on Saturday, July 22nd. Zacks Investment Research cut shares of KeyCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Sanford C. Bernstein raised shares of KeyCorp from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $21.00 to $22.00 in a research report on Thursday, September 14th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $20.13.
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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