Westpac Banking Corp Increases Stake in KeyCorp (KEY)
Westpac Banking Corp increased its position in KeyCorp (NYSE:KEY) by 25.7% during the second quarter, Holdings Channel reports. The fund owned 52,805 shares of the financial services provider’s stock after buying an additional 10,783 shares during the period. Westpac Banking Corp’s holdings in KeyCorp were worth $583,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new position in shares of KeyCorp during the second quarter worth $185,766,000. Renaissance Technologies LLC acquired a new position in shares of KeyCorp during the first quarter worth $30,658,000. Samlyn Capital LLC increased its position in shares of KeyCorp by 69.5% in the first quarter. Samlyn Capital LLC now owns 14,217,900 shares of the financial services provider’s stock worth $156,966,000 after buying an additional 5,830,900 shares in the last quarter. Boston Advisors LLC increased its position in shares of KeyCorp by 3.4% in the second quarter. Boston Advisors LLC now owns 1,064,933 shares of the financial services provider’s stock worth $11,768,000 after buying an additional 35,237 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of KeyCorp by 2.7% in the first quarter. Geode Capital Management LLC now owns 7,476,448 shares of the financial services provider’s stock worth $82,386,000 after buying an additional 195,301 shares in the last quarter. 66.25% of the stock is owned by institutional investors.
KeyCorp (NYSE:KEY) opened at 12.41 on Wednesday. The company’s 50 day moving average is $12.28 and its 200-day moving average is $11.91. The stock has a market capitalization of $13.43 billion, a PE ratio of 12.83 and a beta of 1.21. KeyCorp has a 1-year low of $9.88 and a 1-year high of $14.01.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, July 26th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.27. KeyCorp had a net margin of 17.81% and a return on equity of 8.46%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the prior year, the firm posted $0.27 earnings per share. The firm’s quarterly revenue was down .1% compared to the same quarter last year. Analysts forecast that KeyCorp will post $1.06 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, July 29th were issued a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend was Wednesday, July 27th. KeyCorp’s dividend payout ratio (DPR) is presently 35.42%.
Several brokerages recently weighed in on KEY. Citigroup Inc. reissued a “buy” rating on shares of KeyCorp in a research report on Wednesday, June 29th. JPMorgan Chase & Co. began coverage on shares of KeyCorp in a research report on Monday, July 25th. They set an “overweight” rating and a $14.00 price target for the company. Vetr raised shares of KeyCorp from a “buy” rating to a “strong-buy” rating and set a $13.77 price target for the company in a research report on Monday, June 13th. Morgan Stanley raised shares of KeyCorp from an “equal weight” rating to an “overweight” rating and set a $15.00 price target for the company in a research report on Tuesday, July 5th. Finally, Barclays PLC reissued a “sell” rating on shares of KeyCorp in a research report on Saturday, July 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus 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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