OxFORD Asset Management LLP Raises Position in KeyCorp (KEY)
OxFORD Asset Management LLP raised its holdings in shares of KeyCorp (NYSE:KEY) by 669.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 167,926 shares of the financial services provider’s stock after buying an additional 146,116 shares during the period. OxFORD Asset Management LLP’s holdings in KeyCorp were worth $3,147,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Focused Wealth Management Inc raised its holdings in KeyCorp by 613.0% during the 1st quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock worth $106,000 after buying an additional 5,125 shares during the period. Cypress Capital Management LLC WY boosted its holdings in shares of 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 worth $132,000 after buying an additional 4,500 shares during the period. Quantbot Technologies LP acquired a new position in shares of KeyCorp in the second quarter worth about $174,000. First Financial Bank Trust Division purchased a new position in shares of KeyCorp in the second quarter worth approximately $192,000. Finally, Equity Investment Corp Acquisition Inc increased its position in shares of KeyCorp by 3.9% in the second quarter. Equity Investment Corp Acquisition Inc now owns 10,465 shares of the financial services provider’s stock worth $196,000 after acquiring an additional 390 shares in the last quarter. Hedge funds and other institutional investors own 80.80% of the company’s stock.
KEY has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods set a $20.00 price objective on shares of KeyCorp and gave the stock a “hold” rating in a research note on Saturday, June 24th. Wells Fargo & Company initiated coverage on KeyCorp in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $19.00 target price for the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $22.00 price target on shares of KeyCorp in a report on Wednesday, September 27th. BidaskClub upgraded KeyCorp from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, Deutsche Bank AG reissued a “hold” rating on shares of KeyCorp in a research note on Monday, July 3rd. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $20.13.
KeyCorp (NYSE KEY) opened at 18.82 on Monday. KeyCorp has a 52 week low of $12.00 and a 52 week high of $19.53. The stock has a 50 day moving average of $17.64 and a 200 day moving average of $18.06. The company has a market cap of $20.47 billion, a price-to-earnings ratio of 18.69 and a beta of 1.13.
KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, meeting the consensus estimate of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the company earned $0.27 earnings per share. The business’s quarterly revenue was up 52.1% on a year-over-year basis. Equities research analysts predict that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that permits the company to buyback $800.00 million in shares. This buyback authorization permits the financial services provider to buy up to 4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 29th were issued a $0.095 dividend. The ex-dividend date was Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a yield of 2.02%. KeyCorp’s dividend payout ratio (DPR) is presently 38.78%.
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In related news, Director Ruth Ann M. Gillis bought 2,000 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was acquired at an average cost of $17.91 per share, with a total value of $35,820.00. Following the transaction, the director now directly owns 10,551 shares in the company, valued at $188,968.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexander M. Cutler bought 5,000 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were bought at an average cost of $18.55 per share, with a total value of $92,750.00. Following the completion of the transaction, the director now owns 55,000 shares in the company, valued at $1,020,250. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 16,000 shares of company stock valued at $290,540 and sold 259,409 shares valued at $4,794,449. 0.65% of the stock is owned by company 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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