Blue Granite Capital LLC Has $2.33 Million Position in KeyCorp (NYSE:KEY)
Blue Granite Capital LLC increased its position in shares of KeyCorp (NYSE:KEY) by 21.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 124,400 shares of the financial services provider’s stock after buying an additional 21,900 shares during the period. Blue Granite Capital LLC’s holdings in KeyCorp were worth $2,332,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Trust Co. of Toledo NA OH raised its position in 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 during the period. Cutter & CO Brokerage Inc. increased its stake in shares of KeyCorp by 2.2% in the first quarter. Cutter & CO Brokerage Inc. now owns 14,206 shares of the financial services provider’s stock valued at $253,000 after buying an additional 300 shares in the last quarter. Huntington National Bank increased its stake in shares of KeyCorp by 0.3% in the first quarter. Huntington National Bank now owns 120,563 shares of the financial services provider’s stock valued at $2,144,000 after buying an additional 323 shares in the last quarter. Denver Investment Advisors LLC increased its stake in shares of KeyCorp by 0.4% in the first quarter. Denver Investment Advisors LLC now owns 93,603 shares of the financial services provider’s stock valued at $1,665,000 after buying an additional 357 shares in the last quarter. Finally, Bouchey Financial Group Ltd increased its stake in shares of KeyCorp by 1.8% in the second quarter. Bouchey Financial Group Ltd now owns 24,265 shares of the financial services provider’s stock valued at $455,000 after buying an additional 422 shares in the last quarter. 80.82% of the stock is owned by institutional investors.
KeyCorp (NYSE KEY) traded down 0.36% during midday trading on Monday, reaching $19.14. The company’s stock had a trading volume of 8,730,999 shares. KeyCorp has a one year low of $11.35 and a one year high of $19.53. The stock has a market cap of $20.98 billion, a price-to-earnings ratio of 22.28 and a beta of 1.13. The stock’s 50 day moving average price is $18.14 and its 200-day moving average price is $18.20.
KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.04. KeyCorp had a net margin of 14.69% and a return on equity of 9.30%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the prior year, the firm earned $0.24 EPS. The company’s revenue for the quarter was up 44.4% on a year-over-year basis. On average, analysts forecast that KeyCorp will post $1.34 EPS for the current fiscal year.
KeyCorp declared that its board has authorized 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 reacquire up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 1.99%. KeyCorp’s dividend payout ratio (DPR) is presently 44.71%.
Several analysts have commented on the company. Keefe, Bruyette & Woods set a $20.00 target price on KeyCorp and gave the company a “hold” rating in a research note on Saturday, June 24th. Jefferies Group LLC reiterated a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research note on Friday. BidaskClub upgraded KeyCorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Zacks Investment Research downgraded KeyCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Instinet reiterated a “buy” rating and set a $23.00 target price on shares of KeyCorp in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and sixteen have assigned a buy rating to the stock. KeyCorp currently has a consensus rating of “Hold” and an average price target of $19.44.
KeyCorp Company Profile
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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