KeyCorp (KEY) Position Trimmed by Dean Investment Associates LLC
Dean Investment Associates LLC lowered its stake in KeyCorp (NYSE:KEY) by 2.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 171,420 shares of the financial services provider’s stock after selling 3,720 shares during the quarter. Dean Investment Associates LLC’s holdings in KeyCorp were worth $3,350,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Kiley Juergens Wealth Management LLC bought a new stake in KeyCorp in the second quarter valued at $113,000. Mount Yale Investment Advisors LLC bought a new stake in KeyCorp in the first quarter valued at $114,000. First Personal Financial Services boosted its holdings in KeyCorp by 139.7% in the first quarter. First Personal Financial Services now owns 5,894 shares of the financial services provider’s stock valued at $115,000 after acquiring an additional 3,435 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in KeyCorp by 8,462.5% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,165 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 6,093 shares in the last quarter. Finally, Edge Wealth Management LLC bought a new stake in KeyCorp in the second quarter valued at $161,000. Institutional investors and hedge funds own 80.62% of the company’s stock.
Shares of KeyCorp stock opened at $21.59 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.98. The firm has a market cap of $22.49 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 0.78 and a beta of 1.00. KeyCorp has a 12 month low of $16.28 and a 12 month high of $22.40.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Tuesday, August 28th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, August 27th. This represents a $0.68 annualized dividend and a 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 currently 35.29%.
KeyCorp declared that its board has initiated a stock repurchase program on Thursday, June 28th that authorizes the company to repurchase $1.23 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 5.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Several analysts recently weighed in on the stock. Mizuho lifted their price target on shares of KeyCorp from $25.00 to $25.50 and gave the company an “overweight” rating in a report on Tuesday, July 24th. Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Tuesday, July 24th. Vining Sparks reiterated a “buy” rating and issued a $25.00 price target on shares of KeyCorp in a report on Thursday, July 19th. Morgan Stanley lifted their price target on shares of KeyCorp from $24.50 to $25.00 and gave the company an “overweight” rating in a report on Tuesday, April 24th. Finally, Argus assumed coverage on shares of KeyCorp in a report on Tuesday, June 26th. They issued a “buy” rating and a $24.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $23.24.
In other KeyCorp news, insider Christopher M. Gorman sold 288,546 shares of the firm’s stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $20.80, for a total transaction of $6,001,756.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director H James Dallas acquired 9,610 shares of the stock in a transaction on Monday, July 23rd. The shares were purchased at an average cost of $20.81 per share, with a total value of $199,984.10. Following the transaction, the director now directly owns 98,791 shares of the company’s stock, valued at approximately $2,055,840.71. The disclosure for this purchase can be found here. Company insiders own 0.67% of the company’s stock.
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.
Further Reading: Relative Strength Index
Want to see what other hedge funds are holding KEY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for KeyCorp (NYSE:KEY).
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 MarketBeat.com's FREE daily email newsletter.