Royal London Asset Management Ltd. Invests $8.67 Million in KeyCorp (KEY) Stock
Royal London Asset Management Ltd. bought a new position in shares of KeyCorp (NYSE:KEY) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 443,590 shares of the financial services provider’s stock, valued at approximately $8,670,000.
A number of other institutional investors also recently bought and sold shares of KEY. Millennium Management LLC lifted its holdings in shares of KeyCorp by 87.4% during the 2nd quarter. Millennium Management LLC now owns 14,025,846 shares of the financial services provider’s stock valued at $274,065,000 after purchasing an additional 6,540,895 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of KeyCorp by 61.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 13,628,892 shares of the financial services provider’s stock valued at $266,444,000 after purchasing an additional 5,205,496 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of KeyCorp by 418.2% during the 2nd quarter. Schroder Investment Management Group now owns 3,086,919 shares of the financial services provider’s stock valued at $60,504,000 after purchasing an additional 2,491,167 shares during the last quarter. FIL Ltd purchased a new stake in shares of KeyCorp during the 1st quarter valued at $42,919,000. Finally, OppenheimerFunds Inc. lifted its holdings in shares of KeyCorp by 46.0% during the 1st quarter. OppenheimerFunds Inc. now owns 4,712,551 shares of the financial services provider’s stock valued at $92,131,000 after purchasing an additional 1,483,690 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.
KEY has been the subject of several analyst reports. Zacks Investment Research upgraded KeyCorp from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Wednesday, June 20th. Argus initiated coverage on KeyCorp in a report on Tuesday, June 26th. They set a “buy” rating and a $24.00 price objective for the company. Jefferies Financial Group reiterated a “buy” rating and set a $23.00 price objective on shares of KeyCorp in a report on Friday, July 13th. ValuEngine lowered KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, July 14th. Finally, Vining Sparks reiterated a “buy” rating and set a $25.00 price objective on shares of KeyCorp in a report on Thursday, July 19th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. KeyCorp currently has a consensus rating of “Buy” and an average price target of $23.22.
KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 19th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. KeyCorp had a return on equity of 11.73% and a net margin of 20.05%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the prior year, the firm earned $0.36 EPS. The firm’s revenue was up .4% on a year-over-year basis. analysts expect that KeyCorp will post 1.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Tuesday, August 28th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.30%. This is an increase from KeyCorp’s previous quarterly dividend of $0.12. The ex-dividend date was Monday, August 27th. KeyCorp’s dividend payout ratio is presently 50.00%.
KeyCorp announced that its Board of Directors has authorized a stock repurchase program on Thursday, June 28th that authorizes the company to buyback $1.23 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 5.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In other KeyCorp news, insider Christopher M. Gorman sold 288,546 shares of the stock in a transaction dated 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 filing with the SEC, which is available through this link. Also, insider Douglas M. Schosser sold 6,048 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $21.49, for a total value of $129,971.52. Following the sale, the insider now directly owns 23,164 shares in the company, valued at $497,794.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 340,954 shares of company stock worth $7,120,124. 0.67% of the stock is owned by insiders.
KeyCorp Company Profile
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.
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