Investors Sell Shares of KeyCorp (KEY) on Strength (KEY)
Investors sold shares of KeyCorp (NYSE:KEY) on strength during trading hours on Wednesday. $54.33 million flowed into the stock on the tick-up and $86.38 million flowed out of the stock on the tick-down, for a money net flow of $32.05 million out of the stock. Of all stocks tracked, KeyCorp had the 20th highest net out-flow for the day. KeyCorp traded up $0.39 for the day and closed at $18.58
A number of equities research analysts have recently commented on the stock. Zacks Investment Research cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Tuesday. Citigroup Inc. upped their target price on shares of KeyCorp from $19.00 to $20.00 and gave the company a “neutral” rating in a report on Monday, October 9th. Robert W. Baird reaffirmed a “hold” rating and issued a $18.00 target price on shares of KeyCorp in a report on Friday, October 6th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $22.00 target price on shares of KeyCorp in a report on Wednesday, September 27th. Finally, Wells Fargo & Company assumed coverage on shares of KeyCorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $19.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $20.03.
The stock has a market cap of $20.21 billion, a price-to-earnings ratio of 18.45 and a beta of 1.13. The stock has a 50-day moving average price of $17.97 and a 200 day moving average price of $18.12.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.34. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. KeyCorp’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same period last year, the firm posted $0.27 EPS. Equities research analysts predict that KeyCorp will post $1.35 EPS for the current year.
KeyCorp announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $800.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In related news, Director Ruth Ann M. Gillis purchased 2,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were bought at an average cost of $17.91 per share, for a total transaction of $35,820.00. Following the transaction, the director now owns 10,551 shares of the company’s stock, valued at $188,968.41. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alexander M. Cutler purchased 5,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were bought 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 in the company, valued at approximately $1,020,250. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. Company insiders own 0.65% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in KEY. Teachers Advisors LLC raised its position in shares of KeyCorp by 0.8% during the 1st quarter. Teachers Advisors LLC now owns 3,537,235 shares of the financial services provider’s stock worth $62,892,000 after buying an additional 28,691 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of KeyCorp by 2.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,005,489 shares of the financial services provider’s stock worth $71,217,000 after buying an additional 110,343 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of KeyCorp by 3.9% during the 1st 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 in the last quarter. Uniplan Investment Counsel Inc. raised its position in shares of KeyCorp by 620.5% during the 1st quarter. Uniplan Investment Counsel Inc. now owns 269,104 shares of the financial services provider’s stock worth $4,784,000 after buying an additional 231,753 shares in the last quarter. Finally, Global X Management Co. LLC raised its position in shares of KeyCorp by 12.4% during the 1st quarter. Global X Management Co. LLC now owns 42,966 shares of the financial services provider’s stock worth $764,000 after buying an additional 4,725 shares in the last quarter. Institutional investors own 80.72% of the company’s stock.
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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