Renaissance Technologies LLC Buys 1,645,100 Shares of KeyCorp (KEY)
Renaissance Technologies LLC grew its stake in shares of KeyCorp (NYSE:KEY) by 61.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,330,251 shares of the financial services provider’s stock after purchasing an additional 1,645,100 shares during the quarter. Renaissance Technologies LLC owned 0.40% of KeyCorp worth $81,149,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Ballentine Partners LLC lifted its stake in shares of KeyCorp by 0.5% during the second quarter. Ballentine Partners LLC now owns 12,113 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 66 shares in the last quarter. Comerica Securities Inc. lifted its stake in shares of KeyCorp by 0.7% during the second quarter. Comerica Securities Inc. now owns 11,535 shares of the financial services provider’s stock worth $216,000 after purchasing an additional 83 shares in the last quarter. Essex Financial Services Inc. increased its position in shares of KeyCorp by 0.3% during the second quarter. Essex Financial Services Inc. now owns 39,160 shares of the financial services provider’s stock worth $734,000 after acquiring an additional 117 shares during the last quarter. Dividend Assets Capital LLC increased its position in shares of KeyCorp by 0.5% during the second quarter. Dividend Assets Capital LLC now owns 24,475 shares of the financial services provider’s stock worth $459,000 after acquiring an additional 125 shares during the last quarter. Finally, HM Payson & Co. increased its position in shares of KeyCorp by 1.2% during the second quarter. HM Payson & Co. now owns 13,041 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 150 shares during the last quarter. Institutional investors own 80.78% of the company’s stock.
A number of brokerages have recently issued reports on KEY. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods raised KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Monday, July 10th. Instinet reaffirmed a “buy” rating and set a $23.00 target price on shares of KeyCorp in a research report on Wednesday, July 12th. UBS AG raised KeyCorp from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $19.00 to $22.00 in a research report on Monday, July 10th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research report on Friday, July 14th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $20.13.
In other KeyCorp news, Director Ruth Ann M. Gillis purchased 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 transaction, the director now directly owns 10,551 shares of the company’s stock, valued at approximately $188,968.41. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Alexander M. Cutler purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was acquired at an average cost of $18.55 per share, with a total value of $92,750.00. Following the transaction, the director now directly owns 55,000 shares of the company’s stock, valued at $1,020,250. 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.
KeyCorp (NYSE KEY) opened at 18.67 on Thursday. The stock’s 50 day moving average price is $17.64 and its 200 day moving average price is $18.06. The company has a market capitalization of $20.30 billion, a price-to-earnings ratio of 18.54 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 posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business posted $0.27 earnings per share. The company’s quarterly revenue was up 52.1% compared to the same quarter last year. On average, equities research analysts anticipate that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 29th were given a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 2.04%. The ex-dividend date was Friday, August 25th. KeyCorp’s dividend payout ratio (DPR) is presently 38.78%.
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.
Want to see what other hedge funds are holding KEY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for KeyCorp (NYSE:KEY).
Receive News & Stock Ratings for KeyCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for KeyCorp and related stocks with our FREE daily email newsletter.