Capital Fund Management S.A. Buys New Holdings in KeyCorp (KEY)
Capital Fund Management S.A. bought a new position in shares of KeyCorp (NYSE:KEY) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 66,975 shares of the financial services provider’s stock, valued at approximately $1,255,000.
Other institutional investors have also added to or reduced their stakes in the company. Focused Wealth Management Inc grew its holdings in shares of 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 in the last quarter. Thompson Davis & CO. Inc. grew its holdings in shares of KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 1,125 shares during the period. Cypress Capital Management LLC WY grew its holdings in shares of 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 valued at $132,000 after purchasing an additional 4,500 shares during the period. CI Investments Inc. purchased a new stake in shares of KeyCorp in the first quarter valued at about $160,000. Finally, Equity Investment Corp Acquisition Inc purchased a new stake in shares of KeyCorp in the first quarter valued at about $179,000. 80.79% of the stock is owned by institutional investors and hedge funds.
KEY has been the subject of a number of analyst reports. BidaskClub raised shares of KeyCorp from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Wednesday, June 21st. Keefe, Bruyette & Woods set a $20.00 price objective on shares of KeyCorp and gave the company a “hold” rating in a report on Saturday, June 24th. Deutsche Bank AG reissued a “hold” rating on shares of KeyCorp in a report on Monday, July 3rd. Finally, Morgan Stanley reissued an “overweight” rating and issued a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a report on Friday, July 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have assigned a buy rating to the company. KeyCorp currently has an average rating of “Hold” and a consensus target price of $20.13.
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Shares of KeyCorp (NYSE KEY) opened at 17.89 on Friday. KeyCorp has a one year low of $11.89 and a one year high of $19.53. The company’s 50 day moving average price is $17.63 and its 200 day moving average price is $18.10. The firm has a market capitalization of $19.46 billion, a P/E ratio of 17.77 and a beta of 1.12.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.34. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The firm’s revenue was up 52.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.27 EPS. On average, analysts expect that KeyCorp will post $1.36 EPS for the current fiscal year.
KeyCorp declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be paid a dividend of $0.095 per share. The ex-dividend date is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a yield of 2.12%. KeyCorp’s payout ratio is currently 38.78%.
In other news, General Counsel Paul N. Harris sold 205,024 shares of the stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alexander M. Cutler purchased 5,000 shares of the firm’s 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 purchase, the director now owns 55,000 shares of the company’s stock, valued at approximately $1,020,250. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 16,000 shares of company stock valued at $290,540 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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