Northern Trust Corp Grows Position in KeyCorp (NYSE:KEY)
Northern Trust Corp lifted its position in shares of KeyCorp (NYSE:KEY) by 1.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,798,679 shares of the financial services provider’s stock after purchasing an additional 133,547 shares during the quarter. Northern Trust Corp’s holdings in KeyCorp were worth $209,426,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in KEY. Bremer Bank National Association acquired a new position in shares of KeyCorp in the 1st quarter valued at $29,000. Global Retirement Partners LLC increased its holdings in shares of KeyCorp by 50.7% in the 1st quarter. Global Retirement Partners LLC now owns 1,989 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 669 shares in the last quarter. Mizuho Securities Co. Ltd. increased its holdings in shares of KeyCorp by 56.3% in the 1st quarter. Mizuho Securities Co. Ltd. now owns 2,500 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 900 shares in the last quarter. Manchester Financial Inc. purchased a new position in shares of KeyCorp in the second quarter worth $46,000. Finally, Coastal Capital Group Inc. purchased a new position in shares of KeyCorp in the second quarter worth $50,000. Institutional investors own 80.10% of the company’s stock.
NYSE KEY traded down $0.10 during trading on Wednesday, hitting $18.02. The stock had a trading volume of 407,810 shares, compared to its average volume of 8,515,877. KeyCorp has a 12 month low of $13.65 and a 12 month high of $21.37. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 0.91. The company’s 50-day moving average price is $16.87 and its two-hundred day moving average price is $16.96. The company has a market capitalization of $17.73 billion, a PE ratio of 10.40, a P/E/G ratio of 3.03 and a beta of 1.28.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 27th will be issued a dividend of $0.185 per share. This is a boost from KeyCorp’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, August 26th. This represents a $0.74 annualized dividend and a yield of 4.11%. KeyCorp’s dividend payout ratio is presently 42.77%.
In related news, insider Andrew J. Paine III sold 99,999 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $18.26, for a total value of $1,825,981.74. Following the completion of the transaction, the insider now owns 85,469 shares of the company’s stock, valued at $1,560,663.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.08% of the company’s stock.
Several research firms recently commented on KEY. Piper Jaffray Companies set a $19.00 price objective on KeyCorp and gave the stock a “buy” rating in a report on Wednesday, September 4th. Wood & Company reiterated an “average” rating and set a $38.00 price objective on shares of KeyCorp in a report on Thursday, May 16th. GMP Securities reiterated an “average” rating and issued a $34.50 price objective on shares of KeyCorp in a research report on Friday, May 17th. Nomura set a $18.00 target price on KeyCorp and gave the stock a “hold” rating in a research note on Friday, July 26th. Finally, Zacks Investment Research cut KeyCorp from a “hold” rating to a “sell” rating and set a $20.00 target price for the company. in a research note on Monday, July 8th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $23.78.
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.
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