Greenwood Capital Associates LLC Increases Position in KeyCorp (KEY)
Greenwood Capital Associates LLC raised its position in shares of KeyCorp (NYSE:KEY) by 1.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 41,874 shares of the financial services provider’s stock after buying an additional 534 shares during the period. Greenwood Capital Associates LLC’s holdings in KeyCorp were worth $785,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of KEY. Vanguard Group Inc. increased its position in shares of KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock worth $1,905,811,000 after buying an additional 3,502,973 shares in the last quarter. BlackRock Inc. raised its stake in KeyCorp by 3,258.1% in the first quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after buying an additional 81,900,174 shares during the last quarter. JPMorgan Chase & Co. raised its stake in KeyCorp by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock worth $760,682,000 after buying an additional 2,386,757 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in KeyCorp by 3.9% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 17,011,141 shares of the financial services provider’s stock worth $302,458,000 after buying an additional 636,778 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in KeyCorp by 0.7% in the second quarter. Bessemer Group Inc. now owns 12,000,915 shares of the financial services provider’s stock worth $224,897,000 after buying an additional 87,019 shares during the last quarter. 80.79% of the stock is currently owned by institutional investors and hedge funds.
KeyCorp (KEY) opened at 17.25 on Wednesday. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53. The company has a 50 day moving average of $18.26 and a 200 day moving average of $18.23. The company has a market capitalization of $18.76 billion, a PE ratio of 17.13 and a beta of 1.11.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the company posted $0.27 earnings per share. KeyCorp’s revenue was up 52.1% compared to the same quarter last year. On average, analysts predict that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be given a $0.095 dividend. The ex-dividend date is Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 2.20%. KeyCorp’s payout ratio is 38.78%.
Several brokerages have weighed in on KEY. Keefe, Bruyette & Woods raised shares of KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Monday, July 10th. BMO Capital Markets reaffirmed a “buy” rating and issued a $22.00 price target on shares of KeyCorp in a report on Thursday, July 27th. Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Wednesday, June 21st. Royal Bank Of Canada reiterated a “buy” rating and issued a $21.00 price objective on shares of KeyCorp in a research report on Friday, July 28th. Finally, Instinet reiterated a “buy” rating and issued a $23.00 price objective on shares of KeyCorp in a research report on Wednesday, July 12th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $19.98.
In other news, Director Bruce D. Broussard bought 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The shares were bought at an average cost of $18.17 per share, for a total transaction of $45,425.00. Following the completion of the transaction, the director now owns 12,500 shares of the company’s stock, valued at $227,125. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexander M. Cutler bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The stock was purchased at an average price of $18.55 per share, for a total transaction of $92,750.00. Following the completion of the transaction, the director now directly 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 90 days, insiders bought 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. 0.65% of the stock is owned by insiders.
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.
Receive News & Ratings for KeyCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for KeyCorp and related companies with Analyst Ratings Network's FREE daily email newsletter.