KeyCorp (KEY) Shares Sold by Private Advisor Group LLC
Private Advisor Group LLC cut its holdings in shares of KeyCorp (NYSE:KEY) by 28.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,027 shares of the financial services provider’s stock after selling 20,650 shares during the quarter. Private Advisor Group LLC’s holdings in KeyCorp were worth $1,004,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in KEY. Focused Wealth Management Inc grew its holdings in shares of KeyCorp by 613.0% during the 1st quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 5,125 shares during the period. Thompson Davis & CO. Inc. grew its holdings in shares of KeyCorp by 20.2% during the 1st quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 1,125 shares during the period. Cypress Capital Management LLC WY grew its holdings in shares of KeyCorp by 177.9% during the 2nd quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 4,500 shares during the period. CI Investments Inc. purchased a new position in shares of KeyCorp during the 1st quarter worth $160,000. Finally, Equity Investment Corp Acquisition Inc purchased a new position in shares of KeyCorp during the 1st quarter worth $179,000. Institutional investors and hedge funds own 80.79% of the company’s stock.
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KEY has been the subject of a number of research analyst reports. Zacks Investment Research upgraded 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 reiterated 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 KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Deutsche Bank AG reiterated 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 target price on shares of KeyCorp in a report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company. KeyCorp presently has an average rating of “Hold” and a consensus price target of $19.98.
In other KeyCorp news, Director Alexander M. Cutler purchased 5,000 shares of KeyCorp stock in a transaction that occurred on Tuesday, July 25th. The stock was purchased at an average price of $18.55 per share, with a total value of $92,750.00. Following the completion of the acquisition, the director now owns 55,000 shares of the company’s stock, valued at approximately $1,020,250. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Paul N. Harris sold 205,024 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $18.56, for a total value of $3,805,245.44. The disclosure for this sale can be found here. In the last three months, insiders purchased 16,000 shares of company stock valued at $290,540 and sold 259,409 shares valued at $4,794,449. Corporate insiders own 0.65% of the company’s stock.
Shares of KeyCorp (NYSE KEY) opened at 16.62 on Monday. The stock’s 50 day moving average price is $17.71 and its 200 day moving average price is $18.14. The firm has a market cap of $18.07 billion, a price-to-earnings 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.
KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the business earned $0.27 earnings per share. The company’s revenue was up 52.1% compared to the same quarter last year. Equities research analysts predict 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. Investors of record on Tuesday, August 29th will be issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Friday, August 25th. KeyCorp’s dividend payout ratio is currently 38.78%.
KeyCorp declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
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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