Prudential Financial Inc. Sells 185,887 Shares of KeyCorp (KEY)
Prudential Financial Inc. reduced its stake in shares of KeyCorp (NYSE:KEY) by 6.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,910,456 shares of the financial services provider’s stock after selling 185,887 shares during the period. Prudential Financial Inc. owned approximately 0.35% of KeyCorp worth $32,160,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. Sigma Investment Management Co boosted its position in shares of KeyCorp by 11.0% in the second quarter. Sigma Investment Management Co now owns 11,454 shares of the financial services provider’s stock valued at $127,000 after buying an additional 1,135 shares during the period. Regentatlantic Capital LLC acquired a new position in shares of KeyCorp during the second quarter valued at about $134,000. Stephens Inc. AR boosted its position in shares of KeyCorp by 18.4% in the second quarter. Stephens Inc. AR now owns 13,266 shares of the financial services provider’s stock valued at $147,000 after buying an additional 2,064 shares during the period. Gerstein Fisher acquired a new position in shares of KeyCorp during the second quarter valued at about $161,000. Finally, Equity Investment Corp GA acquired a new position in shares of KeyCorp during the second quarter valued at about $164,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.
KeyCorp (NYSE:KEY) traded up 0.57% during mid-day trading on Wednesday, reaching $12.26. 3,413,372 shares of the company were exchanged. KeyCorp has a one year low of $9.88 and a one year high of $14.01. The stock has a 50-day moving average price of $12.22 and a 200 day moving average price of $11.83. The company has a market capitalization of $13.27 billion, a PE ratio of 12.68 and a beta of 1.23.
KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, July 26th. The financial services provider reported $0.27 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.27. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.09 billion. KeyCorp had a net margin of 17.81% and a return on equity of 8.46%. The company’s revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.27 EPS. Analysts predict that KeyCorp will post $1.06 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, July 29th were given a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Wednesday, July 27th. KeyCorp’s dividend payout ratio is presently 35.42%.
KEY has been the subject of several recent research reports. Citigroup Inc. restated a “buy” rating on shares of KeyCorp in a research report on Wednesday, June 29th. Jefferies Group reiterated a “buy” rating on shares of KeyCorp in a research report on Wednesday, June 29th. Nomura reiterated a “buy” rating and set a $12.00 price objective on shares of KeyCorp in a research report on Sunday, July 10th. Vetr cut shares of KeyCorp from a “strong-buy” rating to a “buy” rating and set a $13.77 price objective for the company. in a research report on Tuesday, May 24th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of KeyCorp in a research report on Monday, July 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $14.37.
KeyCorp Company Profile
KeyCorp is a bank holding company. The Bank operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, the Company provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate and institutional clients.
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