Hotchkis & Wiley Capital Management LLC Continues to Hold Stake in KeyCorp (KEY)
Hotchkis & Wiley Capital Management LLC held its position in shares of KeyCorp (NYSE:KEY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,604 shares of the financial services provider’s stock at the close of the second quarter. Hotchkis & Wiley Capital Management LLC’s holdings in KeyCorp were worth $911,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in KEY. Stevens Capital Management LP bought a new stake in shares of KeyCorp during the 2nd quarter valued at $8,965,000. BlueMountain Capital Management LLC raised its position in shares of KeyCorp by 190.5% during the 2nd quarter. BlueMountain Capital Management LLC now owns 56,631 shares of the financial services provider’s stock valued at $1,061,000 after purchasing an additional 37,136 shares during the period. Amalgamated Bank raised its position in shares of KeyCorp by 62.3% during the 2nd quarter. Amalgamated Bank now owns 122,989 shares of the financial services provider’s stock valued at $2,305,000 after purchasing an additional 47,232 shares during the period. BlackRock Inc. raised its position in shares of KeyCorp by 2.7% during the 2nd quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock valued at $1,624,654,000 after purchasing an additional 2,280,450 shares during the period. Finally, Comerica Securities Inc. raised its position in shares of KeyCorp by 0.7% during the 2nd quarter. Comerica Securities Inc. now owns 11,535 shares of the financial services provider’s stock valued at $216,000 after purchasing an additional 83 shares during the period. Institutional investors and hedge funds own 80.78% of the company’s stock.
In other news, Director Ruth Ann M. Gillis acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was purchased at an average price of $17.91 per share, with a total value of $35,820.00. Following the completion of the acquisition, the director now owns 10,551 shares of the company’s stock, valued at approximately $188,968.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ruth Ann M. Gillis acquired 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was purchased at an average cost of $18.00 per share, with a total value of $54,000.00. Following the acquisition, the director now directly owns 10,551 shares of the company’s stock, valued at approximately $189,918. The disclosure for this purchase 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.
KEY has been the topic of several recent analyst reports. BidaskClub upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research report on Wednesday, June 21st. Keefe, Bruyette & Woods set a $20.00 price objective on shares of KeyCorp and gave the company a “hold” rating in a research report on Saturday, June 24th. Deutsche Bank AG restated a “hold” rating on shares of KeyCorp in a research report on Monday, July 3rd. Finally, Morgan Stanley restated an “overweight” rating and set a $22.00 price objective (up from $21.00) on shares of KeyCorp in a research report on Friday, July 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $20.13.
KeyCorp (NYSE KEY) opened at 18.075 on Tuesday. The stock has a market capitalization of $19.66 billion, a PE ratio of 17.949 and a beta of 1.12. The company’s 50 day moving average is $17.64 and its 200-day moving average is $18.07. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53.
KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, meeting the Zacks’ 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 during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the business earned $0.27 earnings per share. The company’s quarterly revenue was up 52.1% compared to the same quarter last year. Analysts forecast that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp announced that its Board of Directors has initiated a share buyback 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 buy up to 4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 29th were issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date was Friday, August 25th. KeyCorp’s dividend payout ratio is currently 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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