B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund lowered its stake in KeyCorp (NYSE:KEY) by 55.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 26,375 shares of the financial services provider’s stock after selling 33,150 shares during the period. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund’s holdings in KeyCorp were worth $515,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kiley Juergens Wealth Management LLC bought a new stake in shares of KeyCorp in the 2nd quarter worth about $113,000. Mount Yale Investment Advisors LLC bought a new stake in shares of KeyCorp in the 1st quarter worth about $114,000. First Personal Financial Services increased its position in shares of KeyCorp by 139.7% in the 1st quarter. First Personal Financial Services now owns 5,894 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 3,435 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of KeyCorp by 8,462.5% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,165 shares of the financial services provider’s stock valued at $120,000 after buying an additional 6,093 shares during the last quarter. Finally, Edge Wealth Management LLC bought a new stake in shares of KeyCorp during the 2nd quarter valued at about $161,000. 79.47% of the stock is owned by institutional investors.
KeyCorp stock opened at $19.94 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.98. The stock has a market cap of $21.80 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 0.76 and a beta of 0.98. KeyCorp has a 52-week low of $17.40 and a 52-week high of $22.40.
KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 19th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.60 billion. KeyCorp had a net margin of 20.05% and a return on equity of 11.73%. KeyCorp’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 EPS. equities analysts forecast that KeyCorp will post 1.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Tuesday, August 28th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.41%. This is a positive change from KeyCorp’s previous quarterly dividend of $0.12. The ex-dividend date was Monday, August 27th. KeyCorp’s payout ratio is presently 50.00%.
KeyCorp declared that its board has initiated a share repurchase plan on Thursday, June 28th that permits the company to buyback $1.23 billion in shares. This buyback authorization permits the financial services provider to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
A number of brokerages recently weighed in on KEY. Wedbush reaffirmed a “buy” rating and set a $23.00 price objective on shares of KeyCorp in a research report on Thursday. Zacks Investment Research downgraded shares of KeyCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, August 22nd. Mizuho boosted their price objective on shares of KeyCorp from $25.00 to $25.50 and gave the company an “overweight” rating in a research report on Tuesday, July 24th. Vining Sparks reaffirmed a “buy” rating and set a $25.00 price objective on shares of KeyCorp in a research report on Thursday, July 19th. Finally, ValuEngine downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 14th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $23.22.
In other KeyCorp news, insider Douglas M. Schosser sold 6,048 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $21.49, for a total transaction of $129,971.52. Following the completion of the transaction, the insider now directly owns 23,164 shares of the company’s stock, valued at approximately $497,794.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Edward J. Burke sold 46,360 shares of the business’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $21.32, for a total transaction of $988,395.20. Following the transaction, the insider now directly owns 89,128 shares of the company’s stock, valued at $1,900,208.96. The disclosure for this sale can be found here. Insiders have sold a total of 340,954 shares of company stock valued at $7,120,124 over the last three months. 0.65% of the stock is currently owned by company insiders.
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, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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