KeyCorp (KEY) Holdings Lifted by Zions Bancorporation
Zions Bancorporation raised its holdings in KeyCorp (NYSE:KEY) by 2,277.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,706 shares of the financial services provider’s stock after purchasing an additional 5,466 shares during the quarter. Zions Bancorporation’s holdings in KeyCorp were worth $107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in KeyCorp by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock valued at $2,087,987,000 after purchasing an additional 4,230,390 shares during the period. BlackRock Inc. grew its stake in KeyCorp by 2.7% in 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. Boston Partners bought a new position in KeyCorp in the 3rd quarter valued at $356,111,000. Northern Trust Corp grew its stake in KeyCorp by 1.9% in the 2nd quarter. Northern Trust Corp now owns 12,429,250 shares of the financial services provider’s stock valued at $232,925,000 after purchasing an additional 231,558 shares during the period. Finally, Bessemer Group Inc. grew its stake in KeyCorp by 0.5% in the 3rd quarter. Bessemer Group Inc. now owns 12,065,873 shares of the financial services provider’s stock valued at $227,079,000 after purchasing an additional 64,958 shares during the period. Hedge funds and other institutional investors own 81.20% of the company’s stock.
A number of research analysts have issued reports on KEY shares. Sanford C. Bernstein restated an “outperform” rating and issued a $22.00 price objective on shares of KeyCorp in a research note on Wednesday, September 27th. Morgan Stanley restated an “overweight” rating and issued a $23.00 price objective on shares of KeyCorp in a research note on Thursday. ValuEngine raised KeyCorp from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Oppenheimer reaffirmed a “hold” rating on shares of KeyCorp in a research report on Friday, October 20th. Finally, Zacks Investment Research cut KeyCorp from a “hold” rating to a “sell” rating in a research report on Monday, October 30th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $21.28.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.35. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.30 EPS. sell-side analysts forecast that KeyCorp will post 1.37 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Tuesday, November 28th were issued a dividend of $0.105 per share. This is a boost from KeyCorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Monday, November 27th. This represents a $0.42 dividend on an annualized basis and a yield of 2.13%. KeyCorp’s dividend payout ratio is 36.84%.
In related news, Director Carlton L. Highsmith sold 7,600 shares of the stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $18.39, for a total transaction of $139,764.00. Following the sale, the director now owns 68,725 shares of the company’s stock, valued at approximately $1,263,852.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elizabeth R. Gile acquired 1,374 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were bought at an average cost of $18.23 per share, for a total transaction of $25,048.02. Following the acquisition, the director now directly owns 24,989 shares in the company, valued at approximately $455,549.47. The disclosure for this purchase can be found here. Insiders have sold a total of 57,212 shares of company stock worth $1,060,508 in the last three months. 0.65% of the stock is currently owned by insiders.
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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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