Oppenheimer Asset Management Inc. cut its stake in shares of KeyCorp (NYSE:KEY) by 3.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 84,079 shares of the financial services provider’s stock after selling 3,281 shares during the period. Oppenheimer Asset Management Inc.’s holdings in KeyCorp were worth $1,576,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Focused Wealth Management Inc increased its position in shares of KeyCorp by 613.0% during the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 5,125 shares during the last quarter. Thompson Davis & CO. Inc. grew its holdings in shares of KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 1,125 shares in the last quarter. Cypress Capital Management LLC WY grew its holdings in shares of 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 valued at $132,000 after purchasing an additional 4,500 shares in the last quarter. CI Investments Inc. acquired a new position in shares of KeyCorp in the first quarter valued at approximately $160,000. Finally, Equity Investment Corp Acquisition Inc purchased a new position in KeyCorp in the first quarter worth approximately $179,000. Institutional investors and hedge funds own 80.78% of the company’s stock.
KeyCorp (NYSE:KEY) opened at 18.32 on Friday. KeyCorp has a 12-month low of $11.89 and a 12-month high of $19.53. The stock has a market capitalization of $19.92 billion, a price-to-earnings ratio of 18.19 and a beta of 1.12. The firm has a 50-day moving average of $17.64 and a 200-day moving average of $18.06.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.34. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company’s revenue for the quarter was up 52.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.27 earnings per share. Equities research analysts forecast that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp declared that its board has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 29th were issued a dividend of $0.095 per share. The ex-dividend date of this dividend was Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.07%. KeyCorp’s payout ratio is presently 38.78%.
A number of brokerages recently issued reports on KEY. Zacks Investment Research downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Tuesday. Sanford C. Bernstein upgraded shares of KeyCorp from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $21.00 to $22.00 in a research note on Thursday, September 14th. Wells Fargo & Company assumed coverage on shares of KeyCorp in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $19.00 price target for the company. BidaskClub downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Royal Bank Of Canada restated a “buy” rating and set a $21.00 price objective on shares of KeyCorp in a research report on Friday, July 28th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the stock. KeyCorp has an average rating of “Hold” and a consensus target price of $20.13.
In other news, Director Alexander M. Cutler bought 5,000 shares of the stock in a transaction dated Tuesday, July 25th. The shares were bought at an average price of $18.55 per share, for a total transaction of $92,750.00. Following the completion of the purchase, the director now owns 55,000 shares in the company, valued at $1,020,250. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David K. Wilson acquired 3,500 shares of the stock in a transaction on Friday, July 28th. The shares were bought at an average price of $17.87 per share, for a total transaction of $62,545.00. Following the purchase, the director now owns 15,000 shares in the company, valued at $268,050. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 16,000 shares of company stock valued at $290,540 and have sold 259,409 shares valued at $4,794,449. Corporate insiders own 0.65% of the company’s stock.
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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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