Rhumbline Advisers Increases Stake in KeyCorp (NYSE:KEY)
Rhumbline Advisers boosted its position in KeyCorp (NYSE:KEY) by 5.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,012,501 shares of the financial services provider’s stock after buying an additional 100,559 shares during the period. Rhumbline Advisers’ holdings in KeyCorp were worth $37,714,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH increased 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 worth $805,000 after buying an additional 178 shares during the period. Cutter & CO Brokerage Inc. increased its position in KeyCorp by 2.2% in the first quarter. Cutter & CO Brokerage Inc. now owns 14,206 shares of the financial services provider’s stock worth $253,000 after buying an additional 300 shares during the period. Huntington National Bank increased its position in KeyCorp by 0.3% in the first quarter. Huntington National Bank now owns 120,563 shares of the financial services provider’s stock worth $2,144,000 after buying an additional 323 shares during the period. Denver Investment Advisors LLC increased its position in KeyCorp by 0.4% in the first quarter. Denver Investment Advisors LLC now owns 93,603 shares of the financial services provider’s stock worth $1,665,000 after buying an additional 357 shares during the period. Finally, Bouchey Financial Group Ltd increased its position in KeyCorp by 1.8% in the second quarter. Bouchey Financial Group Ltd now owns 24,265 shares of the financial services provider’s stock worth $455,000 after buying an additional 422 shares during the period. Hedge funds and other institutional investors own 81.27% of the company’s stock.
Shares of KeyCorp (NYSE:KEY) opened at 17.52 on Friday. KeyCorp has a one year low of $11.89 and a one year high of $19.53. The stock has a 50 day moving average price of $18.51 and a 200 day moving average price of $18.27. The company has a market capitalization of $19.05 billion, a PE ratio of 17.40 and a beta of 1.11.
KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, hitting the 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 the consensus estimate of $1.53 billion. During the same quarter in the prior year, the firm earned $0.27 EPS. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. On average, equities research analysts predict that KeyCorp will post $1.36 earnings per share for the current year.
KeyCorp declared that its board has authorized a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $800.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The business 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 dividend of $0.095 per share. The ex-dividend date is Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 2.17%. KeyCorp’s dividend payout ratio (DPR) is presently 38.78%.
A number of research firms have recently issued reports on KEY. Keefe, Bruyette & Woods set a $20.00 price target on KeyCorp and gave the stock a “hold” rating in a research note on Saturday, June 24th. BidaskClub upgraded KeyCorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of KeyCorp in a research note on Saturday, July 22nd. Instinet restated a “buy” rating and issued a $23.00 price target (up from $22.00) on shares of KeyCorp in a research note on Sunday, April 23rd. Finally, Nomura restated a “buy” rating and issued a $23.00 price target on shares of KeyCorp in a research note on Friday, April 21st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the stock. KeyCorp presently has a consensus rating of “Hold” and a consensus price target of $19.74.
In related news, insider Angela G. Mago sold 5,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $18.48, for a total transaction of $92,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce D. Broussard purchased 2,500 shares of KeyCorp stock in a transaction that occurred on Wednesday, July 26th. The shares were bought at an average price of $18.17 per share, with a total value of $45,425.00. Following the transaction, the director now owns 12,500 shares in the company, valued at $227,125. 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 and have sold 259,409 shares valued at $4,794,449. 0.65% of the stock is owned by corporate 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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