Atlantic Trust Group LLC Buys New Stake in KeyCorp (KEY)
Atlantic Trust Group LLC bought a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 16,371 shares of the financial services provider’s stock, valued at approximately $307,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Focused Wealth Management Inc grew its position in KeyCorp by 613.0% during 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 during the period. Thompson Davis & CO. Inc. grew its position in KeyCorp by 20.2% during 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 during the period. Cypress Capital Management LLC WY grew its position in KeyCorp by 177.9% during 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 during the period. 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 80.79% of the company’s stock.
In related news, General Counsel Paul N. Harris sold 205,024 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $18.56, for a total transaction of $3,805,245.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ruth Ann M. Gillis purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were bought at an average price of $17.91 per share, with a total value of $35,820.00. Following the completion of the acquisition, the director now owns 10,551 shares of the company’s stock, valued at approximately $188,968.41. The disclosure for this purchase can be found here. Over the last three months, insiders bought 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. Company insiders own 0.65% of the company’s stock.
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KeyCorp (NYSE KEY) opened at 17.86 on Thursday. The firm’s 50-day moving average is $17.66 and its 200-day moving average is $18.10. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53. The stock has a market cap of $19.42 billion, a P/E ratio of 17.74 and a beta of 1.12.
KeyCorp (NYSE:KEY) last released its 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. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The firm’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. On average, analysts forecast that KeyCorp will post $1.36 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be given a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Friday, August 25th. KeyCorp’s dividend payout ratio (DPR) is currently 38.78%.
KeyCorp announced that its board has approved 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 repurchase up to 4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
KEY has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Wednesday, June 21st. Morgan Stanley restated an “overweight” rating and set a $22.00 target price (up from $21.00) on shares of KeyCorp in a research report on Friday, July 7th. BidaskClub lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Deutsche Bank AG restated a “hold” rating on shares of KeyCorp in a research report on Monday, July 3rd. Finally, 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. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $19.98.
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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