Pax World Management LLC held its stake in shares of KeyCorp (NYSE:KEY) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 143,984 shares of the financial services provider’s stock at the end of the second quarter. Pax World Management LLC’s holdings in KeyCorp were worth $2,698,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of KEY. Vanguard Group Inc. raised its stake in shares of KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock worth $1,905,811,000 after buying an additional 3,502,973 shares during the last quarter. BlackRock Inc. raised its stake in shares of KeyCorp by 3,258.1% in the first quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after buying an additional 81,900,174 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of KeyCorp by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock worth $760,682,000 after buying an additional 2,386,757 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of KeyCorp by 3.9% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 17,011,141 shares of the financial services provider’s stock worth $302,458,000 after buying an additional 636,778 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of KeyCorp by 0.7% in the second quarter. Bessemer Group Inc. now owns 12,000,915 shares of the financial services provider’s stock worth $224,897,000 after buying an additional 87,019 shares during the last quarter. Institutional investors and hedge funds own 81.91% of the company’s stock.
Shares of KeyCorp (NYSE KEY) opened at 17.41 on Tuesday. KeyCorp has a 12 month low of $11.89 and a 12 month high of $19.53. The stock has a market capitalization of $18.93 billion, a PE ratio of 17.29 and a beta of 1.11. The company’s 50 day moving average price is $18.41 and its 200 day moving average price is $18.25.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data 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. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the firm posted $0.27 earnings per share. KeyCorp’s revenue was up 52.1% on a year-over-year basis. Equities analysts anticipate that KeyCorp will post $1.36 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.18%. KeyCorp’s dividend payout ratio (DPR) is 38.78%.
KeyCorp announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
KEY has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods upgraded KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research note on Monday, July 10th. BMO Capital Markets reaffirmed a “buy” rating and set a $22.00 target price on shares of KeyCorp in a report on Thursday, July 27th. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Wednesday, June 21st. Royal Bank Of Canada reaffirmed a “buy” rating and set a $21.00 target price on shares of KeyCorp in a report on Friday, July 28th. Finally, Instinet reaffirmed a “buy” rating and set a $23.00 target price on shares of KeyCorp in a report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $19.74.
In other news, General Counsel Paul N. Harris sold 205,024 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $18.56, for a total value of $3,805,245.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ruth Ann M. Gillis purchased 2,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was bought at an average cost of $17.91 per share, with a total value of $35,820.00. Following the completion of the acquisition, the director now owns 10,551 shares of the company’s stock, valued at $188,968.41. The disclosure for this purchase can be found here. Over the last three months, insiders bought 16,000 shares of company stock valued at $290,540 and sold 259,409 shares valued at $4,794,449. Insiders own 0.65% of the company’s stock.
KeyCorp Company Profile
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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