Exxonmobil Investment Management Inc. TX Raises Position in KeyCorp (KEY)
Exxonmobil Investment Management Inc. TX boosted its position in shares of KeyCorp (NYSE:KEY) by 26.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 276,319 shares of the financial services provider’s stock after buying an additional 58,271 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in KeyCorp were worth $3,363,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in KeyCorp by 1.9% in the second quarter. Vanguard Group Inc. now owns 77,776,400 shares of the financial services provider’s stock valued at $859,430,000 after buying an additional 1,446,976 shares during the period. State Street Corp raised its stake in KeyCorp by 0.3% in the second quarter. State Street Corp now owns 43,989,618 shares of the financial services provider’s stock valued at $486,091,000 after buying an additional 111,119 shares during the period. Bank of Montreal Can bought a new stake in KeyCorp during the second quarter valued at approximately $185,766,000. FMR LLC raised its stake in KeyCorp by 15.4% in the second quarter. FMR LLC now owns 15,913,763 shares of the financial services provider’s stock valued at $175,847,000 after buying an additional 2,125,373 shares during the period. Finally, BlackRock Fund Advisors raised its stake in KeyCorp by 1.5% in the second quarter. BlackRock Fund Advisors now owns 14,009,250 shares of the financial services provider’s stock valued at $154,802,000 after buying an additional 206,532 shares during the period. 78.55% of the stock is currently owned by institutional investors and hedge funds.
KeyCorp (NYSE:KEY) traded up 0.06% on Tuesday, reaching $17.01. The company had a trading volume of 10,080,795 shares. KeyCorp has a 52-week low of $9.88 and a 52-week high of $17.57. The firm has a market capitalization of $18.38 billion, a price-to-earnings ratio of 19.60 and a beta of 1.00. The stock’s 50-day moving average price is $14.68 and its 200 day moving average price is $12.70.
KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, October 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04. KeyCorp had a return on equity of 8.44% and a net margin of 15.72%. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the company earned $0.27 EPS. KeyCorp’s revenue was up 25.2% on a year-over-year basis. On average, equities analysts anticipate that KeyCorp will post $1.10 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 29th will be paid a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Friday, November 25th. KeyCorp’s payout ratio is currently 39.08%.
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A number of brokerages have issued reports on KEY. Sanford C. Bernstein downgraded KeyCorp from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $17.00 to $19.00 in a research report on Wednesday, November 16th. They noted that the move was a valuation call. Rafferty Capital Markets upgraded KeyCorp from a “hold” rating to a “buy” rating in a research report on Tuesday, October 25th. Vetr downgraded KeyCorp from a “strong-buy” rating to a “buy” rating and set a $14.14 price target on the stock. in a research report on Wednesday, October 19th. Wedbush began coverage on KeyCorp in a research report on Thursday, October 6th. They set an “outperform” rating and a $15.00 price target on the stock. Finally, Zacks Investment Research downgraded KeyCorp from a “buy” rating to a “hold” rating in a research report on Thursday, November 10th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $14.84.
KeyCorp Company Profile
KeyCorp is a bank holding company. The Bank operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, the Company provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate and institutional clients.
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