Foundry Partners LLC Boosts Position in KeyCorp (KEY)
Foundry Partners LLC raised its position in shares of KeyCorp (NYSE:KEY) by 3.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 506,764 shares of the financial services provider’s stock after buying an additional 16,350 shares during the period. Foundry Partners LLC’s holdings in KeyCorp were worth $9,497,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Focused Wealth Management Inc increased its position in KeyCorp by 613.0% in the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock worth $106,000 after buying an additional 5,125 shares in the last quarter. Thompson Davis & CO. Inc. increased its position in KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock worth $119,000 after buying an additional 1,125 shares in the last quarter. Cypress Capital Management LLC WY increased its position in KeyCorp by 177.9% in the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock worth $132,000 after buying an additional 4,500 shares in the last quarter. CI Investments Inc. acquired a new position in KeyCorp during the first quarter worth about $160,000. Finally, Equity Investment Corp Acquisition Inc acquired a new position in KeyCorp during the first quarter worth about $179,000. Institutional investors own 81.27% of the company’s stock.
Shares of KeyCorp (KEY) opened at 17.52 on Friday. The stock has a market cap of $19.05 billion, a PE ratio of 17.40 and a beta of 1.11. The company’s 50-day moving average is $18.51 and its 200 day moving average is $18.27. KeyCorp has a 52 week low of $11.89 and a 52 week high of $19.53.
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 Thomson Reuters’ consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the business earned $0.27 earnings per share. The business’s revenue for the quarter was up 52.1% compared to the same quarter last year. Analysts forecast that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp declared that its board has authorized a stock 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 repurchase up to 4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be issued a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 annualized dividend and a yield of 2.17%. KeyCorp’s dividend payout ratio (DPR) is currently 38.78%.
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A number of research analysts recently issued reports on the stock. Keefe, Bruyette & Woods set a $20.00 target price on shares of KeyCorp and gave the company a “hold” rating in a research report on Saturday, June 24th. Wells Fargo & Company assumed coverage on shares of KeyCorp in a research report on Wednesday. They set a “market perform” rating and a $19.00 target price for the company. BidaskClub upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. BMO Capital Markets restated a “buy” rating and set a $22.00 target price on shares of KeyCorp in a research report on Thursday, July 27th. Finally, Jefferies Group LLC restated a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research report on Friday, July 14th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $19.74.
In other KeyCorp news, Director Alexander M. Cutler bought 5,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was purchased at an average cost of $18.55 per share, for a total transaction of $92,750.00. Following the acquisition, the director now owns 55,000 shares of the company’s stock, valued at approximately $1,020,250. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $3,805,245.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 14,000 shares of company stock valued at $254,720 and have sold 259,409 shares valued at $4,794,449. Company insiders own 0.65% of the company’s stock.
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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