KeyCorp (KEY) Shares Sold by Teacher Retirement System of Texas
Teacher Retirement System of Texas lowered its position in KeyCorp (NYSE:KEY) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,726,120 shares of the financial services provider’s stock after selling 54,177 shares during the period. Teacher Retirement System of Texas’ holdings in KeyCorp were worth $32,347,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. raised its stake in KeyCorp by 3,258.1% in the first quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after buying an additional 81,900,174 shares in the last quarter. Janus Capital Management LLC raised its stake in KeyCorp by 2,048.7% in the first quarter. Janus Capital Management LLC now owns 6,317,037 shares of the financial services provider’s stock worth $112,317,000 after buying an additional 6,023,049 shares in the last quarter. Vanguard Group Inc. raised its stake in KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock worth $1,905,811,000 after buying an additional 3,502,973 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in KeyCorp during the first quarter worth approximately $47,742,000. Finally, JPMorgan Chase & Co. raised its stake in KeyCorp by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock worth $760,682,000 after buying an additional 2,386,757 shares in the last quarter. 81.27% of the stock is currently owned by institutional investors.
KeyCorp (NYSE:KEY) opened at 17.52 on Friday. The company has a market capitalization of $19.05 billion, a P/E ratio of 17.40 and a beta of 1.11. KeyCorp has a 52 week low of $11.89 and a 52 week high of $19.53. The stock’s 50 day moving average price is $18.51 and its 200 day moving average price is $18.27.
KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.34. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. KeyCorp’s quarterly revenue was up 52.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 earnings per share. Analysts anticipate that KeyCorp will post $1.36 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be issued a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Friday, August 25th. KeyCorp’s dividend payout ratio is presently 38.78%.
KeyCorp declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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KEY has been the topic of a number of research analyst reports. Morgan Stanley reaffirmed an “overweight” rating and set a $22.00 price target (up previously from $21.00) on shares of KeyCorp in a research report on Friday, July 7th. UBS AG raised KeyCorp from a “neutral” rating to a “buy” rating and lifted their target price for the company from $19.00 to $22.00 in a research report on Monday, July 10th. BMO Capital Markets lifted their target price on KeyCorp to $22.00 and gave the company a “buy” rating in a research report on Friday, April 28th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of KeyCorp in a research report on Saturday, July 22nd. Finally, Zacks Investment Research lowered KeyCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $19.74.
In other news, General Counsel Paul N. Harris sold 205,024 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $18.56, for a total value of $3,805,245.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander M. Cutler bought 5,000 shares of KeyCorp stock in a transaction dated Tuesday, July 25th. The stock was acquired at an average cost of $18.55 per share, with a total value of $92,750.00. Following the completion of the acquisition, the director now owns 55,000 shares of the company’s stock, valued at $1,020,250. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 14,000 shares of company stock valued at $254,720 and sold 259,409 shares valued at $4,794,449. Corporate insiders own 0.65% of the company’s stock.
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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