Raymond James & Associates boosted its stake in KeyCorp (NYSE:KEY) by 24.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,197,674 shares of the financial services provider’s stock after purchasing an additional 234,344 shares during the quarter. Raymond James & Associates owned about 0.11% of KeyCorp worth $23,403,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Fiera Capital Corp lifted its stake in shares of KeyCorp by 25.0% in the first quarter. Fiera Capital Corp now owns 12,902 shares of the financial services provider’s stock valued at $252,000 after buying an additional 2,582 shares in the last quarter. TCW Group Inc. lifted its stake in shares of KeyCorp by 0.9% in the first quarter. TCW Group Inc. now owns 277,576 shares of the financial services provider’s stock valued at $5,427,000 after buying an additional 2,604 shares in the last quarter. Fagan Associates Inc. lifted its stake in shares of KeyCorp by 4.1% in the second quarter. Fagan Associates Inc. now owns 66,049 shares of the financial services provider’s stock valued at $1,291,000 after buying an additional 2,627 shares in the last quarter. LS Investment Advisors LLC lifted its stake in shares of KeyCorp by 6.0% in the first quarter. LS Investment Advisors LLC now owns 47,496 shares of the financial services provider’s stock valued at $929,000 after buying an additional 2,680 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in shares of KeyCorp by 2.3% in the second quarter. Amalgamated Bank now owns 136,207 shares of the financial services provider’s stock valued at $2,661,000 after buying an additional 3,031 shares in the last quarter. Institutional investors and hedge funds own 79.47% of the company’s stock.
A number of research analysts have weighed in on the stock. ValuEngine lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Tuesday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $23.00 price objective on shares of KeyCorp in a research note on Friday, July 13th. Zacks Investment Research lowered shares of KeyCorp from a “buy” rating to a “hold” rating in a research note on Monday, June 25th. Argus began coverage on shares of KeyCorp in a research note on Tuesday, June 26th. They issued a “buy” rating and a $24.00 price objective on the stock. Finally, Mizuho raised their price target 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. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $23.29.
In other news, insider Douglas M. Schosser sold 6,048 shares of KeyCorp stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $21.49, for a total value of $129,971.52. Following the completion of the transaction, the insider now owns 23,164 shares in the company, valued at $497,794.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director H James Dallas bought 9,610 shares of KeyCorp stock in a transaction dated Monday, July 23rd. The stock was acquired at an average price of $20.81 per share, with a total value of $199,984.10. Following the purchase, the director now directly owns 98,791 shares of the company’s stock, valued at $2,055,840.71. The disclosure for this purchase can be found here. Insiders sold 340,954 shares of company stock valued at $7,120,124 in the last quarter. Corporate insiders own 0.67% of the company’s stock.
NYSE KEY traded down $0.15 during trading hours on Friday, reaching $20.29. 9,877,671 shares of the company were exchanged, compared to its average volume of 9,666,405. The company has a market capitalization of $20.93 billion, a PE ratio of 14.92, a price-to-earnings-growth ratio of 0.73 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.88 and a current ratio of 0.89. KeyCorp has a 1 year low of $17.40 and a 1 year 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 for the quarter, topping the consensus estimate of $0.42 by $0.02. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.60 billion. KeyCorp had a net margin of 20.05% and a return on equity of 11.73%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share. As a group, analysts forecast that KeyCorp will post 1.74 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Tuesday, August 28th were paid a $0.17 dividend. This is an increase from KeyCorp’s previous quarterly dividend of $0.12. The ex-dividend date was Monday, August 27th. This represents a $0.68 annualized dividend and a dividend yield of 3.35%. KeyCorp’s dividend payout ratio (DPR) is presently 50.00%.
KeyCorp declared that its Board of Directors has approved a stock 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 reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
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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