Sei Investments Co. Has $6.89 Million Position in KeyCorp (KEY)
Sei Investments Co. increased its position in shares of KeyCorp (NYSE:KEY) by 31.0% during the second quarter, Holdings Channel reports. The institutional investor owned 367,559 shares of the financial services provider’s stock after buying an additional 86,968 shares during the period. Sei Investments Co.’s holdings in KeyCorp were worth $6,888,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in KEY. Vanguard Group Inc. increased its position in shares of KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock worth $1,905,811,000 after buying an additional 3,502,973 shares in the last quarter. BlackRock Inc. increased its position in shares of KeyCorp by 3,258.1% in the first quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after buying an additional 81,900,174 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of KeyCorp by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock worth $760,682,000 after buying an additional 2,386,757 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of KeyCorp by 3.9% in the first 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. Finally, Bessemer Group Inc. increased its position in shares of KeyCorp by 0.7% in the second quarter. Bessemer Group Inc. now owns 12,000,915 shares of the financial services provider’s stock worth $224,897,000 after buying an additional 87,019 shares in the last quarter. Institutional investors and hedge funds own 81.91% of the company’s stock.
KeyCorp (NYSE KEY) opened at 17.91 on Tuesday. KeyCorp has a 12-month low of $11.89 and a 12-month high of $19.53. The firm has a market cap of $19.48 billion, a PE ratio of 17.79 and a beta of 1.11. The company has a 50-day moving average price of $18.51 and a 200-day moving average price of $18.26.
KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.34. The firm had revenue of $1.64 billion during 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%. The firm’s revenue was up 52.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 earnings per share. On average, equities analysts predict that KeyCorp will post $1.36 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be given a $0.095 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a yield of 2.12%. KeyCorp’s payout ratio is currently 38.78%.
KeyCorp announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $800.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
KEY has been the topic of several research analyst reports. Keefe, Bruyette & Woods upgraded KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research note on Monday, July 10th. BMO Capital Markets restated a “buy” rating and set a $22.00 target price on shares of KeyCorp in a research note on Thursday, July 27th. FBR & Co restated an “outperform” rating and set a $22.00 target price (up from $21.00) on shares of KeyCorp in a research note on Thursday, April 20th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of KeyCorp in a research note on Friday, April 21st. Finally, Zacks Investment Research upgraded KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Wednesday, June 21st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.74.
In related news, General Counsel Paul N. Harris sold 205,024 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $18.56, for a total value of $3,805,245.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce D. Broussard acquired 2,500 shares of KeyCorp stock in a transaction that occurred on Wednesday, July 26th. The stock was purchased at an average price of $18.17 per share, with a total value of $45,425.00. Following the transaction, the director now owns 12,500 shares of the company’s stock, valued at $227,125. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 14,000 shares of company stock valued at $254,720 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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