KeyCorp (NYSE:KEY) Stake Maintained by Beach Investment Counsel Inc. PA
Beach Investment Counsel Inc. PA maintained its position in shares of KeyCorp (NYSE:KEY) during the second quarter, according to its most recent filing with the SEC. The firm owned 12,871 shares of the financial services provider’s stock at the end of the second quarter. Beach Investment Counsel Inc. PA’s holdings in KeyCorp were worth $241,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised 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 valued at $1,905,811,000 after buying an additional 3,502,973 shares during the last quarter. BlackRock Inc. raised 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 valued at $1,500,878,000 after buying an additional 81,900,174 shares during the last quarter. JPMorgan Chase & Co. raised 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 valued at $760,682,000 after buying an additional 2,386,757 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised 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 valued at $302,458,000 after buying an additional 636,778 shares during the last quarter. Finally, Bessemer Group Inc. raised 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 valued at $224,897,000 after buying an additional 87,019 shares during the last quarter. 81.27% of the stock is owned by institutional investors.
KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.34. KeyCorp had a return on equity of 11.19% and a net margin of 25.03%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business earned $0.27 EPS. KeyCorp’s revenue was up 52.1% compared to the same quarter last year.
KeyCorp declared that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the financial services provider to buy up to 4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Friday, August 25th. KeyCorp’s payout ratio is currently 38.78%.
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KEY has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Monday, July 10th. BMO Capital Markets reissued a “buy” rating and set a $22.00 price objective on shares of KeyCorp in a report on Thursday, July 27th. FBR & Co reissued an “outperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a report on Thursday, April 20th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of KeyCorp in a report on Friday, April 21st. Finally, Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the company’s stock. KeyCorp presently has a consensus rating of “Hold” and an average price target of $19.78.
In related news, insider Craig A. Buffie sold 31,385 shares of the business’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $18.01, for a total transaction of $565,243.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ruth Ann M. Gillis acquired 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were acquired at an average price of $18.00 per share, with a total value of $54,000.00. Following the acquisition, the director now owns 10,551 shares in the company, valued at $189,918. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 14,000 shares of company stock valued at $254,720. 0.65% of the stock is owned by company insiders.
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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