Toronto Dominion Bank lowered its position in shares of KeyCorp (NYSE:KEY) by 37.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 683,876 shares of the financial services provider’s stock after selling 402,646 shares during the period. Toronto Dominion Bank’s holdings in KeyCorp were worth $12,136,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Manchester Financial Inc. acquired a new stake in shares of KeyCorp during the second quarter worth about $46,000. Coastal Capital Group Inc. acquired a new position in KeyCorp during the 2nd quarter worth approximately $50,000. CSat Investment Advisory L.P. increased its position in KeyCorp by 202.9% during the 2nd quarter. CSat Investment Advisory L.P. now owns 3,087 shares of the financial services provider’s stock worth $55,000 after purchasing an additional 2,068 shares during the period. Ossiam acquired a new position in KeyCorp during the 2nd quarter worth approximately $56,000. Finally, Cornerstone Advisors Inc. increased its position in KeyCorp by 29.0% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,533 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 795 shares during the period. Institutional investors and hedge funds own 80.08% of the company’s stock.
In related news, insider Amy G. Brady sold 10,806 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $18.02, for a total value of $194,724.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Paine III sold 99,999 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $18.26, for a total value of $1,825,981.74. Following the completion of the sale, the insider now directly owns 85,469 shares in the company, valued at approximately $1,560,663.94. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.44 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.44. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. KeyCorp had a return on equity of 12.82% and a net margin of 23.15%. The company’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 EPS. Equities research analysts anticipate that KeyCorp will post 1.79 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th were paid a dividend of $0.185 per share. This is a positive change from KeyCorp’s previous quarterly dividend of $0.17. The ex-dividend date was Monday, August 26th. This represents a $0.74 annualized dividend and a dividend yield of 4.28%. KeyCorp’s payout ratio is 42.77%.
KEY has been the topic of several recent analyst reports. Robert W. Baird upgraded KeyCorp from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $18.00 to $19.00 in a research report on Friday, June 21st. UBS Group boosted their target price on KeyCorp from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday. Morgan Stanley dropped their target price on KeyCorp from $21.00 to $20.50 and set an “overweight” rating on the stock in a research report on Thursday. Zacks Investment Research cut KeyCorp from a “hold” rating to a “sell” rating and set a $20.00 target price on the stock. in a research report on Monday, July 8th. Finally, Nomura set a $18.00 target price on KeyCorp and gave the stock a “hold” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $23.58.
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.
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