FSI Group LLC Has $4,352,000 Position in KeyCorp (KEY)
FSI Group LLC continued to hold its stake in shares of KeyCorp (NYSE:KEY) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 232,225 shares of the financial services provider’s stock at the end of the second quarter. KeyCorp makes up about 2.3% of FSI Group LLC’s portfolio, making the stock its 14th largest position. FSI Group LLC’s holdings in KeyCorp were worth $4,352,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec boosted 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 boosted 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. State of Alaska Department of Revenue boosted 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. LS Investment Advisors LLC boosted its stake in shares of KeyCorp by 2.9% in the second quarter. LS Investment Advisors LLC now owns 42,109 shares of the financial services provider’s stock worth $789,000 after buying an additional 1,178 shares in the last quarter. Finally, Meadow Creek Investment Management LLC boosted its stake in shares of KeyCorp by 257.3% in the first quarter. Meadow Creek Investment Management LLC now owns 77,748 shares of the financial services provider’s stock worth $1,382,000 after buying an additional 55,990 shares in the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.
KeyCorp (NYSE KEY) traded up 0.26% on Friday, reaching $17.59. 6,758,589 shares of the company traded hands. The firm has a market cap of $19.13 billion, a P/E ratio of 17.47 and a beta of 1.11. The stock has a 50-day moving average price of $18.26 and a 200-day moving average price of $18.23. KeyCorp has a 52-week low of $11.89 and a 52-week high of $19.53.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, meeting analysts’ consensus estimates of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the business earned $0.27 earnings per share. KeyCorp’s revenue was up 52.1% compared to the same quarter last year. Analysts anticipate that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp declared that its board has approved a share 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 purchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be given a $0.095 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.16%. KeyCorp’s dividend payout ratio (DPR) is currently 38.78%.
KEY has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Wednesday, June 21st. Morgan Stanley restated an “overweight” rating and set a $22.00 price target (up from $21.00) on shares of KeyCorp in a report on Friday, July 7th. BidaskClub cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Deutsche Bank AG restated a “hold” rating on shares of KeyCorp in a report on Monday, July 3rd. Finally, BMO Capital Markets restated a “buy” rating and set a $22.00 price target on shares of KeyCorp in a report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $19.98.
In other news, Director Ruth Ann M. Gillis acquired 2,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was bought at an average cost of $17.91 per share, for a total transaction of $35,820.00. Following the completion of the transaction, the director now owns 10,551 shares of the company’s stock, valued at $188,968.41. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig A. Buffie sold 31,385 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $18.01, for a total transaction of $565,243.85. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 16,000 shares of company stock valued at $290,540 and sold 259,409 shares valued at $4,794,449. 0.65% of the stock is currently owned by company insiders.
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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