KeyCorp (KEY) Stake Reduced by CCM Investment Advisers LLC
CCM Investment Advisers LLC decreased its stake in KeyCorp (NYSE:KEY) by 49.5% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,275 shares of the financial services provider’s stock after selling 14,975 shares during the period. CCM Investment Advisers LLC’s holdings in KeyCorp were worth $286,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in KEY. Focused Wealth Management Inc boosted its stake in KeyCorp by 613.0% in the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock valued at $106,000 after buying an additional 5,125 shares in the last quarter. Thompson Davis & CO. Inc. boosted its stake in KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,125 shares in the last quarter. Cypress Capital Management LLC WY boosted its stake in KeyCorp by 177.9% in the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock valued at $132,000 after buying an additional 4,500 shares in the last quarter. CI Investments Inc. acquired a new stake in KeyCorp during the first quarter valued at approximately $160,000. Finally, Equity Investment Corp Acquisition Inc acquired a new stake in KeyCorp during the first quarter valued at approximately $179,000. 81.27% of the stock is owned by institutional investors and hedge funds.
KeyCorp (NYSE KEY) opened at 17.52 on Friday. The stock has a 50 day moving average price of $18.51 and a 200-day moving average price of $18.27. The company has a market cap of $19.05 billion, a price-to-earnings ratio of 17.40 and a beta of 1.11. KeyCorp has a 12-month low of $11.89 and a 12-month high of $19.53.
KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, meeting the consensus estimate of $0.34. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company’s revenue was up 52.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.27 EPS. On average, analysts predict that KeyCorp will post $1.36 EPS for the current fiscal year.
KeyCorp declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $800.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be issued a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 2.17%. KeyCorp’s payout ratio is 38.78%.
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KEY has been the subject of several recent analyst reports. Instinet reaffirmed a “buy” rating and set a $23.00 target price (up previously from $22.00) on shares of KeyCorp in a research note on Sunday, April 23rd. Nomura reaffirmed a “buy” rating and set a $23.00 target price on shares of KeyCorp in a research note on Friday, April 21st. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, June 21st. BidaskClub raised KeyCorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, BMO Capital Markets raised their target price on KeyCorp to $22.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $19.74.
In other news, Director Bruce D. Broussard purchased 2,500 shares of the stock in a transaction dated Wednesday, July 26th. The shares were purchased at an average cost of $18.17 per share, with a total value of $45,425.00. Following the acquisition, the director now directly owns 12,500 shares of the company’s stock, valued at $227,125. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Angela G. Mago sold 5,000 shares of the stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $18.48, for a total value of $92,400.00. The disclosure for this sale can be found here. Over the last three months, insiders have bought 14,000 shares of company stock worth $254,720 and have sold 259,409 shares worth $4,794,449. 0.65% of the stock is owned by corporate 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.
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