Samlyn Capital LLC Purchases Shares of 3,047,557 KeyCorp (KEY)
Samlyn Capital LLC purchased a new position in KeyCorp (NYSE:KEY) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,047,557 shares of the financial services provider’s stock, valued at approximately $57,111,000. KeyCorp makes up about 1.4% of Samlyn Capital LLC’s investment portfolio, making the stock its 24th largest holding. Samlyn Capital LLC owned 0.28% of KeyCorp as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Zurich Insurance Group Ltd FI boosted its stake in KeyCorp by 48.0% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 227,922 shares of the financial services provider’s stock worth $4,271,000 after purchasing an additional 73,953 shares during the period. Sun Life Financial INC grew its holdings in KeyCorp by 80,370.0% during the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after buying an additional 8,037 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in KeyCorp by 22.1% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,054,525 shares of the financial services provider’s stock valued at $19,762,000 after buying an additional 190,575 shares in the last quarter. Institute for Wealth Management LLC. purchased a new stake in KeyCorp during the 2nd quarter valued at approximately $550,000. Finally, Clinton Group Inc. purchased a new stake in KeyCorp during the 2nd quarter valued at approximately $1,776,000. 80.80% of the stock is currently owned by institutional investors.
Several equities research analysts have recently issued reports on KEY shares. Sanford C. Bernstein reiterated an “outperform” rating and set a $22.00 price objective on shares of KeyCorp in a research report on Wednesday, September 27th. Zacks Investment Research lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. Wells Fargo & Company initiated coverage on shares of KeyCorp in a research report on Wednesday, August 9th. They set a “market perform” rating and a $19.00 target price for the company. BidaskClub cut shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research note on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the company. KeyCorp presently has an average rating of “Hold” and a consensus target price of $20.13.
In other news, Director David K. Wilson purchased 3,500 shares of the company’s stock in a transaction dated Friday, July 28th. The stock was acquired at an average price of $17.87 per share, with a total value of $62,545.00. Following the purchase, the director now directly owns 15,000 shares in the company, valued at approximately $268,050. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Paul N. Harris sold 205,024 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $18.56, for a total transaction of $3,805,245.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 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 (NYSE:KEY) traded down 0.767% during mid-day trading on Tuesday, reaching $18.755. 1,883,294 shares of the company’s stock traded hands. The company’s 50-day moving average price is $17.75 and its 200-day moving average price is $18.06. The stock has a market capitalization of $20.40 billion, a PE ratio of 18.625 and a beta of 1.13. KeyCorp has a 12-month low of $12.18 and a 12-month high of $19.53.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, meeting the 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 for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the company posted $0.27 EPS. The company’s revenue was up 52.1% compared to the same quarter last year. Analysts anticipate that KeyCorp will post $1.36 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 29th were given a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a yield of 2.01%. The ex-dividend date was Friday, August 25th. KeyCorp’s payout ratio is currently 38.78%.
KeyCorp declared that its Board of Directors has authorized a stock repurchase 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 repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are typically 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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