Lenox Wealth Management Inc. Continues to Hold Holdings in KeyCorp (KEY)
Lenox Wealth Management Inc. maintained its position in KeyCorp (NYSE:KEY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,001 shares of the financial services provider’s stock at the end of the second quarter. Lenox Wealth Management Inc.’s holdings in KeyCorp were worth $206,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in KeyCorp by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock worth $2,087,987,000 after purchasing an additional 4,230,390 shares in the last quarter. BlackRock Inc. increased its position in KeyCorp by 2.7% during the 2nd quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock worth $1,624,654,000 after purchasing an additional 2,280,450 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in KeyCorp by 3.9% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 17,011,141 shares of the financial services provider’s stock worth $302,458,000 after purchasing an additional 636,778 shares in the last quarter. Northern Trust Corp increased its position in KeyCorp by 1.9% during the 2nd quarter. Northern Trust Corp now owns 12,429,250 shares of the financial services provider’s stock worth $232,925,000 after purchasing an additional 231,558 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in KeyCorp by 0.7% during the 2nd quarter. Bessemer Group Inc. now owns 12,000,915 shares of the financial services provider’s stock worth $224,897,000 after purchasing an additional 87,019 shares in the last quarter. Institutional investors and hedge funds own 80.80% of the company’s stock.
In other news, Director David K. Wilson bought 3,500 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were bought at an average cost of $17.87 per share, with a total value of $62,545.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at $268,050. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce D. Broussard bought 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The stock was purchased at an average cost of $18.17 per share, for a total transaction of $45,425.00. Following the completion of the purchase, the director now owns 12,500 shares of the company’s stock, valued at $227,125. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. 0.65% of the stock is owned by insiders.
A number of research firms recently issued reports on KEY. Keefe, Bruyette & Woods set a $20.00 price objective on shares of KeyCorp and gave the stock a “hold” rating in a research report on Saturday, June 24th. BidaskClub upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of KeyCorp in a research report on Saturday, July 22nd. Piper Jaffray Companies reiterated a “buy” rating and set a $20.50 price objective on shares of KeyCorp in a research report on Friday, July 21st. Finally, Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Tuesday, July 11th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $20.13.
KeyCorp (NYSE:KEY) traded up 0.2296% during midday trading on Friday, hitting $18.8131. 3,433,687 shares of the stock were exchanged. The company’s 50 day moving average is $17.81 and its 200-day moving average is $18.07. KeyCorp has a 1-year low of $12.20 and a 1-year high of $19.53. The stock has a market cap of $20.46 billion, a PE ratio of 18.6823 and a beta of 1.13.
KeyCorp (NYSE:KEY) last issued its 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 net margin of 16.62% and a return on equity of 9.88%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the firm earned $0.27 earnings per share. The firm’s revenue for the quarter was up 52.1% on a year-over-year basis. On average, analysts expect that KeyCorp will post $1.36 earnings per share for the current year.
KeyCorp declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $800.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 29th were paid a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Friday, August 25th. KeyCorp’s payout ratio is 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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