Trexquant Investment LP Purchases Shares of 85,144 KeyCorp (NYSE:KEY)
Trexquant Investment LP purchased a new stake in KeyCorp (NYSE:KEY) during the second quarter, Holdings Channel reports. The firm purchased 85,144 shares of the financial services provider’s stock, valued at approximately $1,596,000. KeyCorp makes up approximately 0.4% of Trexquant Investment LP’s investment portfolio, making the stock its 14th largest position.
Several other hedge funds and other institutional investors also recently bought and sold shares of KEY. Caisse DE Depot ET Placement DU Quebec raised its position in KeyCorp by 447.1% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,182,062 shares of the financial services provider’s stock valued at $21,040,000 after buying an additional 966,000 shares in the last quarter. Trust Co. of Toledo NA OH raised its position in KeyCorp by 0.4% in the second quarter. Trust Co. of Toledo NA OH now owns 42,951 shares of the financial services provider’s stock valued at $805,000 after buying an additional 178 shares in the last quarter. Bollard Group LLC raised its position in KeyCorp by 5.8% in the first quarter. Bollard Group LLC now owns 121,204 shares of the financial services provider’s stock valued at $2,155,000 after buying an additional 6,610 shares in the last quarter. James Investment Research Inc. raised its position in KeyCorp by 1.3% in the first quarter. James Investment Research Inc. now owns 1,077,660 shares of the financial services provider’s stock valued at $19,161,000 after buying an additional 14,300 shares in the last quarter. Finally, Meadow Creek Investment Management LLC raised its position in KeyCorp by 257.3% in the first quarter. Meadow Creek Investment Management LLC now owns 77,748 shares of the financial services provider’s stock valued at $1,382,000 after buying an additional 55,990 shares in the last quarter. Institutional investors and hedge funds own 81.27% of the company’s stock.
Shares of KeyCorp (NYSE KEY) opened at 18.35 on Wednesday. KeyCorp has a 52-week low of $11.89 and a 52-week high of $19.53. The company has a 50 day moving average price of $18.58 and a 200-day moving average price of $18.26. The firm has a market cap of $20.05 billion, a P/E ratio of 18.22 and a beta of 1.11.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the firm earned $0.27 EPS. The firm’s revenue for the quarter was up 52.1% compared to the same quarter last year. On average, analysts expect that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $800.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The firm also recently declared 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 annualized dividend and a yield of 2.07%. KeyCorp’s payout ratio is 38.78%.
KEY has been the topic of several recent research reports. Zacks Investment Research upgraded KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Wednesday, June 21st. Morgan Stanley restated an “overweight” rating and issued a $22.00 price target (up from $21.00) on shares of KeyCorp in a research report on Friday, July 7th. BidaskClub lowered KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Deutsche Bank AG reiterated a “hold” rating on shares of KeyCorp in a report on Monday, July 3rd. Finally, CIBC reiterated a “hold” rating on shares of KeyCorp in a report on Monday, April 24th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $19.78.
In other KeyCorp news, Director David K. Wilson purchased 3,500 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were acquired at an average price of $17.87 per share, with a total value of $62,545.00. Following the transaction, the director now owns 15,000 shares in the company, valued at $268,050. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander M. Cutler purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was acquired at an average cost of $18.55 per share, for a total transaction of $92,750.00. Following the transaction, the director now owns 55,000 shares in the company, valued at approximately $1,020,250. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 14,000 shares of company stock worth $254,720 and sold 254,409 shares worth $4,702,049. 0.65% of the stock is currently 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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