Sanders Morris Harris Inc. Invests $5.281 Million in KeyCorp (KEY)
Sanders Morris Harris Inc. bought a new stake in shares of KeyCorp (NYSE:KEY) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 297,000 shares of the financial services provider’s stock, valued at approximately $5,281,000. KeyCorp comprises approximately 1.7% of Sanders Morris Harris Inc.’s holdings, making the stock its 11th largest position.
Other large investors have also recently modified their holdings of the company. First Manhattan Co. increased its stake in shares of KeyCorp by 6.2% in the third quarter. First Manhattan Co. now owns 13,933 shares of the financial services provider’s stock valued at $169,000 after buying an additional 819 shares in the last quarter. Nationwide Fund Advisors increased its stake in shares of KeyCorp by 30.4% in the third quarter. Nationwide Fund Advisors now owns 305,384 shares of the financial services provider’s stock valued at $3,717,000 after buying an additional 71,137 shares in the last quarter. YHB Investment Advisors Inc. purchased a new stake in shares of KeyCorp during the third quarter valued at approximately $321,000. California Public Employees Retirement System increased its stake in shares of KeyCorp by 15.5% in the third quarter. California Public Employees Retirement System now owns 3,065,368 shares of the financial services provider’s stock valued at $37,306,000 after buying an additional 411,224 shares in the last quarter. Finally, Gateway Investment Advisers LLC increased its stake in shares of KeyCorp by 0.3% in the third quarter. Gateway Investment Advisers LLC now owns 69,057 shares of the financial services provider’s stock valued at $840,000 after buying an additional 233 shares in the last quarter. Institutional investors own 79.48% of the company’s stock.
Shares of KeyCorp (NYSE:KEY) traded down 0.686% during mid-day trading on Friday, hitting $18.085. The stock had a trading volume of 7,754,346 shares. The firm has a market capitalization of $19.40 billion, a PE ratio of 22.578 and a beta of 1.13. KeyCorp has a 1-year low of $10.21 and a 1-year high of $19.53. The stock’s 50-day moving average is $17.86 and its 200-day moving average is $17.06.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, April 20th. The financial services provider reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.04. The firm earned $1.51 billion during the quarter, compared to the consensus estimate of $1.47 billion. KeyCorp had a return on equity of 8.73% and a net margin of 13.99%. The company’s quarterly revenue was up 44.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.24 earnings per share. Equities analysts expect that KeyCorp will post $1.32 earnings per share for the current year.
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Several equities research analysts have recently commented on KEY shares. Zacks Investment Research downgraded shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 27th. Barclays PLC boosted their target price on shares of KeyCorp from $14.00 to $19.00 and gave the company an “underweight” rating in a research note on Tuesday, January 3rd. Royal Bank of Canada restated a “buy” rating and issued a $21.00 target price on shares of KeyCorp in a research note on Wednesday, January 4th. Sandler O’Neill downgraded shares of KeyCorp from a “buy” rating to a “hold” rating in a research report on Friday, January 20th. Finally, FBR & Co reiterated a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research report on Friday, January 20th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the stock. KeyCorp has a consensus rating of “Hold” and an average target price of $17.27.
In other news, Director Ruth Ann M. Gillis acquired 4,800 shares of the firm’s stock in a transaction dated Wednesday, February 8th. The stock was purchased at an average price of $17.66 per share, for a total transaction of $84,768.00. Following the completion of the acquisition, the director now directly owns 5,934 shares in the company, valued at approximately $104,794.44. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.72% of the company’s stock.
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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