State of Tennessee Treasury Department Has $7.86 Million Holdings in KeyCorp (KEY)
State of Tennessee Treasury Department lowered its position in shares of KeyCorp (NYSE:KEY) by 20.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 419,616 shares of the financial services provider’s stock after selling 105,958 shares during the quarter. State of Tennessee Treasury Department’s holdings in KeyCorp were worth $7,863,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Focused Wealth Management Inc lifted its holdings in KeyCorp by 613.0% during the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 5,125 shares in the last quarter. Thompson Davis & CO. Inc. lifted its holdings in KeyCorp by 20.2% during the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 1,125 shares in the last quarter. Cypress Capital Management LLC WY lifted its holdings in KeyCorp by 177.9% during the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 4,500 shares in the last quarter. CI Investments Inc. purchased a new position in KeyCorp during the first quarter valued at approximately $160,000. Finally, Equity Investment Corp Acquisition Inc purchased a new position in KeyCorp during the first quarter valued at approximately $179,000. 80.79% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have weighed in on KEY. Keefe, Bruyette & Woods set a $20.00 price target on shares of KeyCorp and gave the company a “hold” rating in a report on Saturday, June 24th. BidaskClub raised shares of KeyCorp from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of KeyCorp in a report on Saturday, July 22nd. Instinet reaffirmed a “buy” rating and set a $23.00 price target on shares of KeyCorp in a report on Wednesday, July 12th. Finally, Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Tuesday, July 11th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the company. The company has a consensus 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 dated Monday, August 14th. The shares were acquired at an average price of $17.91 per share, for a total transaction of $35,820.00. Following the acquisition, the director now directly owns 10,551 shares in the company, valued at $188,968.41. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Bruce D. Broussard purchased 2,500 shares of KeyCorp stock in a transaction dated Wednesday, July 26th. The shares were bought at an average price of $18.17 per share, for a total transaction of $45,425.00. Following the acquisition, the director now owns 12,500 shares in the company, valued at $227,125. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. 0.65% of the stock is owned by insiders.
Shares of KeyCorp (KEY) opened at 16.62 on Friday. The company has a market cap of $18.07 billion, a PE ratio of 16.50 and a beta of 1.12. KeyCorp has a 12 month low of $11.89 and a 12 month high of $19.53. The company has a 50-day moving average of $17.71 and a 200 day moving average of $18.14.
KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, hitting the consensus estimate of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 52.1% compared to the same quarter last year. On average, analysts anticipate that KeyCorp will post $1.36 earnings per share for the current year.
KeyCorp declared that its board has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy 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. Stockholders of record on Tuesday, August 29th will be issued a dividend of $0.095 per share. The ex-dividend date is Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 2.29%. KeyCorp’s dividend payout ratio is presently 38.78%.
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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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