KeyCorp (KEY) Shares Bought by DekaBank Deutsche Girozentrale
DekaBank Deutsche Girozentrale increased its stake in KeyCorp (NYSE:KEY) by 7.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,727 shares of the financial services provider’s stock after buying an additional 6,309 shares during the period. DekaBank Deutsche Girozentrale’s holdings in KeyCorp were worth $1,799,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D bought a new stake in KeyCorp during the first quarter valued at $32,004,000. New Jersey Better Educational Savings Trust bought a new stake in KeyCorp during the first quarter valued at $480,000. Sapphire Star Partners LP bought a new stake in KeyCorp during the first quarter valued at $1,495,000. Livingston Group Asset Management CO operating as Southport Capital Management increased its stake in KeyCorp by 64.2% in the first quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 23,258 shares of the financial services provider’s stock valued at $414,000 after buying an additional 9,090 shares during the last quarter. Finally, Mycio Wealth Partners LLC increased its stake in KeyCorp by 12.4% in the first quarter. Mycio Wealth Partners LLC now owns 16,423 shares of the financial services provider’s stock valued at $292,000 after buying an additional 1,807 shares during the last quarter. 81.91% of the stock is owned by institutional investors and hedge funds.
Shares of KeyCorp (NYSE KEY) opened at 17.59 on Monday. The firm’s 50-day moving average price is $18.44 and its 200 day moving average price is $18.25. KeyCorp has a 12-month low of $11.89 and a 12-month high of $19.53. The firm has a market cap of $19.13 billion, a P/E ratio of 17.47 and a beta of 1.11.
KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.34. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. KeyCorp’s revenue was up 52.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 earnings per share. On average, equities analysts expect that KeyCorp will post $1.36 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be given a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Friday, August 25th. KeyCorp’s dividend payout ratio is currently 38.78%.
KeyCorp announced that its board has approved a share buyback program on Wednesday, June 28th that allows the company to buyback $800.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Monday, July 10th. Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Tuesday, July 11th. Instinet reaffirmed a “buy” rating and issued a $23.00 price objective on shares of KeyCorp in a report on Wednesday, July 12th. UBS AG raised shares of KeyCorp from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $19.00 to $22.00 in a report on Monday, July 10th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $21.00 price objective on shares of KeyCorp in a report on Friday, July 14th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $19.74.
In other KeyCorp news, Director Ruth Ann M. Gillis purchased 3,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were bought at an average price of $18.00 per share, with a total value of $54,000.00. Following the completion of the transaction, the director now directly owns 10,551 shares in the company, valued at approximately $189,918. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ruth Ann M. Gillis purchased 2,000 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were acquired at an average cost of $17.91 per share, for a total transaction of $35,820.00. Following the transaction, the director now owns 10,551 shares of the company’s stock, valued at $188,968.41. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. Company insiders own 0.65% 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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