Schroder Investment Management Group raised its position in KeyCorp (NYSE:KEY) by 418.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,086,919 shares of the financial services provider’s stock after buying an additional 2,491,167 shares during the period. Schroder Investment Management Group owned about 0.29% of KeyCorp worth $60,504,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the stock. South Street Advisors LLC boosted its holdings in KeyCorp by 1.2% in the 2nd quarter. South Street Advisors LLC now owns 609,940 shares of the financial services provider’s stock worth $11,918,000 after buying an additional 6,950 shares during the last quarter. Argent Trust Co boosted its holdings in shares of KeyCorp by 241.1% during the 2nd quarter. Argent Trust Co now owns 37,476 shares of the financial services provider’s stock worth $732,000 after purchasing an additional 26,490 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of KeyCorp during the 2nd quarter worth approximately $173,000. Millennium Management LLC boosted its holdings in shares of KeyCorp by 87.4% during the 2nd quarter. Millennium Management LLC now owns 14,025,846 shares of the financial services provider’s stock worth $274,065,000 after purchasing an additional 6,540,895 shares during the last quarter. Finally, Soros Fund Management LLC boosted its holdings in shares of KeyCorp by 144.5% during the 2nd quarter. Soros Fund Management LLC now owns 247,703 shares of the financial services provider’s stock worth $4,840,000 after purchasing an additional 146,380 shares during the last quarter. Institutional investors own 79.47% of the company’s stock.
Shares of KeyCorp stock traded down $0.59 during trading hours on Friday, reaching $18.65. 19,811,265 shares of the company were exchanged, compared to its average volume of 9,747,551. KeyCorp has a 1 year low of $17.40 and a 1 year high of $22.40. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $20.93 billion, a P/E ratio of 13.71, a P/E/G ratio of 0.73 and a beta of 1.01.
KeyCorp declared that its Board of Directors has approved a share repurchase program on Thursday, June 28th that permits the company to buyback $1.23 billion in shares. This buyback authorization permits the financial services provider to buy up to 5.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Several research analysts have recently weighed in on KEY shares. Zacks Investment Research upgraded KeyCorp from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Wednesday, June 20th. Argus assumed coverage on KeyCorp in a report on Tuesday, June 26th. They issued a “buy” rating and a $24.00 price objective on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $23.00 price objective on shares of KeyCorp in a report on Friday, July 13th. ValuEngine cut KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, July 14th. Finally, Vining Sparks reiterated a “buy” rating and issued a $25.00 price objective on shares of KeyCorp in a report on Thursday, July 19th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $23.87.
In other news, insider Christopher M. Gorman sold 288,546 shares of the company’s stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $20.80, for a total transaction of $6,001,756.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Edward J. Burke sold 46,360 shares of the company’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $21.32, for a total value of $988,395.20. Following the sale, the insider now directly owns 89,128 shares in the company, valued at approximately $1,900,208.96. The disclosure for this sale can be found here. Insiders have sold 340,954 shares of company stock worth $7,120,124 in the last ninety days. Corporate insiders own 0.67% of the company’s stock.
KeyCorp Company Profile
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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