KeyCorp (KEY) is South Street Advisors LLC’s 7th Largest Position
South Street Advisors LLC lessened its position in KeyCorp (NYSE:KEY) by 0.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 631,560 shares of the financial services provider’s stock after selling 2,720 shares during the period. KeyCorp comprises 3.9% of South Street Advisors LLC’s portfolio, making the stock its 7th largest holding. South Street Advisors LLC owned about 0.06% of KeyCorp worth $11,835,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of KeyCorp by 447.1% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,182,062 shares of the financial services provider’s stock worth $21,040,000 after buying an additional 966,000 shares in the last quarter. Trust Co. of Toledo NA OH lifted its stake in shares of 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 in the last quarter. Flippin Bruce & Porter Inc. lifted its stake in shares of KeyCorp by 3.9% in the second quarter. Flippin Bruce & Porter Inc. now owns 451,881 shares of the financial services provider’s stock worth $8,468,000 after buying an additional 17,103 shares in the last quarter. Greenwood Capital Associates LLC lifted its stake in shares of KeyCorp by 1.3% in the second quarter. Greenwood Capital Associates LLC now owns 41,874 shares of the financial services provider’s stock worth $785,000 after buying an additional 534 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of KeyCorp by 62.1% in the second quarter. State of Alaska Department of Revenue now owns 68,512 shares of the financial services provider’s stock worth $1,283,000 after buying an additional 26,248 shares in the last quarter. Hedge funds and other institutional investors own 80.78% of the company’s stock.
In other KeyCorp news, Director Ruth Ann M. Gillis acquired 2,000 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was acquired at an average cost of $17.91 per share, for a total transaction of $35,820.00. Following the purchase, the director now owns 10,551 shares in the company, valued at approximately $188,968.41. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David K. Wilson acquired 3,500 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were acquired at an average price of $17.87 per share, with a total value of $62,545.00. Following the completion of the purchase, the director now owns 15,000 shares in the company, valued at approximately $268,050. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 16,000 shares of company stock valued at $290,540 and have sold 259,409 shares valued at $4,794,449. Insiders own 0.65% of the company’s stock.
Shares of KeyCorp (KEY) traded up 0.38% during mid-day trading on Friday, hitting $18.32. 7,692,423 shares of the stock were exchanged. The stock’s 50-day moving average price is $17.64 and its 200-day moving average price is $18.06. The company has a market cap of $19.92 billion, a P/E ratio of 18.19 and a beta of 1.12. 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 consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the business posted $0.27 EPS. The business’s quarterly revenue was up 52.1% compared to the same quarter last year. Equities research analysts anticipate that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $800.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th were paid a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Friday, August 25th. KeyCorp’s payout ratio is 38.78%.
Several research analysts have recently issued reports on KEY shares. BidaskClub upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. 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 note on Wednesday, June 21st. Keefe, Bruyette & Woods set a $20.00 target price on shares of KeyCorp and gave the stock a “hold” rating in a research note on Saturday, June 24th. Deutsche Bank AG reiterated a “hold” rating on shares of KeyCorp in a research note on Monday, July 3rd. Finally, Morgan Stanley restated an “overweight” rating and set a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research report on Friday, July 7th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $20.13.
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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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