Willingdon Wealth Management Increases Position in KeyCorp (KEY)
Willingdon Wealth Management boosted its position in shares of KeyCorp (NYSE:KEY) by 18.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 62,636 shares of the financial services provider’s stock after buying an additional 9,709 shares during the period. Willingdon Wealth Management’s holdings in KeyCorp were worth $1,174,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in KEY. BlackRock Inc. boosted its stake in shares of KeyCorp by 3,258.1% in the first quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after buying an additional 81,900,174 shares during the period. Janus Capital Management LLC boosted its stake in shares of KeyCorp by 2,048.7% in the first quarter. Janus Capital Management LLC now owns 6,317,037 shares of the financial services provider’s stock worth $112,317,000 after buying an additional 6,023,049 shares during the period. Vanguard Group Inc. boosted its stake in shares of KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock worth $1,905,811,000 after buying an additional 3,502,973 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of KeyCorp during the first quarter worth approximately $47,742,000. Finally, Victory Capital Management Inc. boosted its stake in shares of KeyCorp by 561.7% in the second quarter. Victory Capital Management Inc. now owns 2,954,024 shares of the financial services provider’s stock worth $55,358,000 after buying an additional 2,507,628 shares during the period. 81.91% of the stock is owned by hedge funds and other institutional investors.
Shares of KeyCorp (KEY) opened at 17.59 on Friday. KeyCorp has a 52 week low of $11.89 and a 52 week high of $19.53. The firm has a 50 day moving average price of $18.26 and a 200 day moving average price of $18.23. The company has a market capitalization of $19.13 billion, a price-to-earnings ratio of 17.47 and a beta of 1.11.
KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the company posted $0.27 EPS. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. Equities analysts forecast that KeyCorp will post $1.36 EPS for the current 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 company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be paid a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, August 25th. KeyCorp’s payout ratio is currently 38.78%.
KEY has been the subject of a number of research reports. Morgan Stanley reissued an “overweight” rating and issued a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. UBS AG raised KeyCorp from a “neutral” rating to a “buy” rating and lifted their target price for the company from $19.00 to $22.00 in a research report on Monday, July 10th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of KeyCorp in a research report on Saturday, July 22nd. Zacks Investment Research cut KeyCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research report on Friday, July 28th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $19.98.
In related news, Director Ruth Ann M. Gillis purchased 2,000 shares of KeyCorp stock in a transaction that occurred on Monday, August 14th. The stock was purchased at an average price of $17.91 per share, for a total transaction of $35,820.00. Following the transaction, the director now directly owns 10,551 shares in the company, valued at $188,968.41. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Alexander M. Cutler purchased 5,000 shares of KeyCorp stock in a transaction that occurred on Tuesday, July 25th. The shares were bought at an average price of $18.55 per share, with a total value of $92,750.00. Following the transaction, the director now owns 55,000 shares in the company, valued at $1,020,250. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. Corporate 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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