LMR Partners LLP purchased a new stake in KeyCorp (NYSE:KEY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 12,316 shares of the financial services provider’s stock, valued at approximately $241,000.
Several other hedge funds and other institutional investors have also made changes to their positions in KEY. Kiley Juergens Wealth Management LLC purchased a new position in shares of KeyCorp during the second quarter valued at approximately $113,000. Mount Yale Investment Advisors LLC purchased a new position in shares of KeyCorp during the first quarter valued at approximately $114,000. First Personal Financial Services lifted its stake in shares of KeyCorp by 139.7% during the first quarter. First Personal Financial Services now owns 5,894 shares of the financial services provider’s stock valued at $115,000 after buying an additional 3,435 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of KeyCorp by 8,462.5% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,165 shares of the financial services provider’s stock valued at $120,000 after buying an additional 6,093 shares during the period. Finally, Edge Wealth Management LLC purchased a new position in shares of KeyCorp during the second quarter valued at approximately $161,000. 80.62% of the stock is currently owned by institutional investors.
In other news, insider Christopher M. Gorman sold 288,546 shares of the stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $20.80, for a total value of $6,001,756.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Edward J. Burke sold 46,360 shares of the stock in a transaction on Friday, August 10th. The stock was sold at an average price of $21.32, for a total transaction of $988,395.20. Following the completion of the sale, the insider now directly owns 89,128 shares of the company’s stock, valued at approximately $1,900,208.96. The disclosure for this sale can be found here. 0.67% of the stock is owned by corporate insiders.
Shares of KEY stock opened at $21.45 on Wednesday. KeyCorp has a one year low of $16.28 and a one year high of $22.40. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.98. The company has a market cap of $22.49 billion, a P/E ratio of 15.77, a P/E/G ratio of 0.78 and a beta of 1.00.
KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. KeyCorp had a net margin of 20.05% and a return on equity of 11.73%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. KeyCorp’s revenue for the quarter was up .4% compared to the same quarter last year. research analysts anticipate that KeyCorp will post 1.74 EPS for the current year.
KeyCorp announced that its board has initiated a stock repurchase program on Thursday, June 28th that allows the company to repurchase $1.23 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Tuesday, August 28th will be given a $0.17 dividend. The ex-dividend date is Monday, August 27th. This represents a $0.68 annualized dividend and a dividend yield of 3.17%. This is a positive change from KeyCorp’s previous quarterly dividend of $0.12. KeyCorp’s dividend payout ratio is presently 35.29%.
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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