KeyCorp (KEY) Stake Lowered by Bank of New York Mellon Corp
Bank of New York Mellon Corp lowered its stake in KeyCorp (NYSE:KEY) by 17.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,527,100 shares of the financial services provider’s stock after selling 3,285,269 shares during the quarter. Bank of New York Mellon Corp owned 1.44% of KeyCorp worth $292,219,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Cypress Capital Management LLC WY boosted its holdings in KeyCorp by 177.9% in the second 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 last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in KeyCorp in the third quarter worth approximately $145,000. Sun Life Financial INC boosted its holdings in KeyCorp by 80,370.0% in the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 8,037 shares during the last quarter. AllSquare Wealth Management LLC purchased a new stake in KeyCorp in the third quarter worth approximately $173,000. Finally, Quantbot Technologies LP purchased a new stake in KeyCorp in the second quarter worth approximately $174,000. Institutional investors own 82.97% of the company’s stock.
In other KeyCorp news, insider Andrew J. Paine III sold 46,854 shares of the business’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $18.56, for a total value of $869,610.24. Following the completion of the sale, the insider now directly owns 110,052 shares of the company’s stock, valued at approximately $2,042,565.12. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Carlton L. Highsmith sold 7,600 shares of the business’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $18.39, for a total transaction of $139,764.00. Following the completion of the sale, the director now directly owns 68,725 shares of the company’s stock, valued at $1,263,852.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 57,212 shares of company stock valued at $1,060,508. 0.65% of the stock is owned by corporate insiders.
KEY has been the topic of several research reports. DA Davidson upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and raised their target price for the stock from $20.00 to $21.00 in a report on Thursday, July 20th. Piper Jaffray Companies reiterated a “buy” rating and set a $20.50 price target on shares of KeyCorp in a research note on Friday, July 21st. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of KeyCorp in a research note on Saturday, July 22nd. BMO Capital Markets reiterated a “buy” rating and set a $22.00 price target on shares of KeyCorp in a research note on Thursday, July 27th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research note on Friday, July 28th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $20.82.
KeyCorp (KEY) traded down $0.01 during trading on Friday, hitting $18.13. 7,449,200 shares of the stock were exchanged, compared to its average volume of 10,924,799. KeyCorp has a 12-month low of $16.28 and a 12-month high of $19.53. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market cap of $19,507.75, a P/E ratio of 13.74, a PEG ratio of 1.65 and a beta of 1.10.
KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, hitting analysts’ consensus estimates of $0.35. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same period in the previous year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. sell-side analysts forecast that KeyCorp will post 1.38 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Tuesday, November 28th will be paid a dividend of $0.105 per share. The ex-dividend date of this dividend is Monday, November 27th. This is a boost from KeyCorp’s previous quarterly dividend of $0.10. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.32%. KeyCorp’s payout ratio is currently 33.33%.
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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