TIAA CREF Investment Management LLC boosted its position in KeyCorp (NYSE:KEY) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,343,087 shares of the financial services provider’s stock after buying an additional 18,560 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 0.31% of KeyCorp worth $62,649,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Focused Wealth Management Inc grew its stake in KeyCorp by 613.0% in the 1st quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock valued at $106,000 after buying an additional 5,125 shares during the last quarter. Thompson Davis & CO. Inc. grew its stake in KeyCorp by 20.2% in the 1st quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,125 shares during the last quarter. Cypress Capital Management LLC WY grew its stake in KeyCorp by 177.9% in the 2nd quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock valued at $132,000 after buying an additional 4,500 shares during the last quarter. Equity Investment Corp Acquisition Inc acquired a new position in KeyCorp in the 1st quarter valued at $179,000. Finally, First Financial Bank Trust Division acquired a new position in KeyCorp in the 2nd quarter valued at $192,000. Institutional investors and hedge funds own 80.78% of the company’s stock.
In other KeyCorp news, Director Ruth Ann M. Gillis purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were acquired at an average cost of $17.91 per share, for a total transaction of $35,820.00. Following the completion of the purchase, the director now owns 10,551 shares of the company’s stock, valued at approximately $188,968.41. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bruce D. Broussard purchased 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The stock was acquired at an average price of $18.17 per share, for a total transaction of $45,425.00. Following the completion of the purchase, the director now directly owns 12,500 shares of the company’s stock, valued at approximately $227,125. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. Corporate insiders own 0.65% of the company’s stock.
Shares of KeyCorp (NYSE KEY) opened at 17.92 on Monday. The firm has a market capitalization of $19.49 billion, a price-to-earnings ratio of 17.80 and a beta of 1.12. KeyCorp has a 12 month low of $11.89 and a 12 month high of $19.53. The stock’s 50 day moving average is $17.63 and its 200 day moving average is $18.09.
KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the company posted $0.27 earnings per share. KeyCorp’s revenue was up 52.1% compared to the same quarter last year. 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 stock buyback plan on Wednesday, June 28th that allows the company to repurchase $800.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 29th were paid a $0.095 dividend. The ex-dividend date was Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 2.12%. KeyCorp’s dividend payout ratio (DPR) is presently 38.78%.
KEY has been the topic of a number of research analyst reports. BidaskClub upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Wednesday, June 21st. Keefe, Bruyette & Woods set a $20.00 target price on shares of KeyCorp and gave the company a “hold” rating in a research note on Saturday, June 24th. Deutsche Bank AG reiterated a “hold” rating on shares of KeyCorp in a research note on Monday, July 3rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $22.00 target price (up from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $20.13.
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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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