Greenleaf Trust Takes Position in KeyCorp (KEY)
Greenleaf Trust acquired a new position in shares of KeyCorp (NYSE:KEY) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 12,748 shares of the financial services provider’s stock, valued at approximately $249,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Fiera Capital Corp lifted its stake in KeyCorp by 25.0% in the first quarter. Fiera Capital Corp now owns 12,902 shares of the financial services provider’s stock valued at $252,000 after buying an additional 2,582 shares during the last quarter. TCW Group Inc. raised its stake in shares of KeyCorp by 0.9% during the first quarter. TCW Group Inc. now owns 277,576 shares of the financial services provider’s stock worth $5,427,000 after purchasing an additional 2,604 shares during the last quarter. Fagan Associates Inc. raised its stake in shares of KeyCorp by 4.1% during the second quarter. Fagan Associates Inc. now owns 66,049 shares of the financial services provider’s stock worth $1,291,000 after purchasing an additional 2,627 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of KeyCorp by 6.0% during the first quarter. LS Investment Advisors LLC now owns 47,496 shares of the financial services provider’s stock worth $929,000 after purchasing an additional 2,680 shares during the last quarter. Finally, Lowe Brockenbrough & Co. Inc. raised its stake in shares of KeyCorp by 1.0% during the first quarter. Lowe Brockenbrough & Co. Inc. now owns 292,230 shares of the financial services provider’s stock worth $5,713,000 after purchasing an additional 2,955 shares during the last quarter. 80.62% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on KEY shares. Morgan Stanley upped their price target on KeyCorp from $24.50 to $25.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 24th. Vining Sparks restated a “buy” rating and set a $25.00 price target on shares of KeyCorp in a research note on Thursday, July 19th. Zacks Investment Research cut KeyCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. Susquehanna Bancshares upgraded KeyCorp from a “neutral” rating to a “positive” rating and upped their price target for the stock from $24.00 to $25.00 in a research note on Tuesday, April 24th. Finally, Mizuho upped their price target on KeyCorp from $25.00 to $25.50 and gave the stock an “overweight” rating in a research note on Tuesday, July 24th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the stock. KeyCorp has an average rating of “Buy” and an average price target of $23.24.
KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 19th. The financial services provider reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.02. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.60 billion. KeyCorp had a return on equity of 11.73% and a net margin of 20.05%. KeyCorp’s revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.36 earnings per share. equities analysts predict that KeyCorp will post 1.74 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Investors of record on Tuesday, August 28th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, August 27th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.15%. This is a positive change from KeyCorp’s previous quarterly dividend of $0.12. KeyCorp’s dividend payout ratio (DPR) is presently 35.29%.
KeyCorp declared that its board has approved a share repurchase program on Thursday, June 28th that permits the company to repurchase $1.23 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Edward J. Burke sold 46,360 shares of the firm’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $21.32, for a total value of $988,395.20. Following the transaction, the insider now directly owns 89,128 shares in the company, valued at approximately $1,900,208.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher M. Gorman sold 288,546 shares of the firm’s stock in a transaction dated Wednesday, July 25th. The stock was sold at an average price of $20.80, for a total value of $6,001,756.80. The disclosure for this sale can be found here. 0.67% of the stock is owned by company insiders.
KeyCorp Company Profile
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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