Asio Capital LLC raised its stake in shares of KeyCorp (NYSE:KEY) by 1.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 142,665 shares of the financial services provider’s stock after acquiring an additional 2,420 shares during the quarter. Asio Capital LLC’s holdings in KeyCorp were worth $2,850,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Boston Partners boosted its stake in KeyCorp by 11.0% during the 4th quarter. Boston Partners now owns 28,681,895 shares of the financial services provider’s stock valued at $470,670,000 after acquiring an additional 2,839,058 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of KeyCorp by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,593,788 shares of the financial services provider’s stock worth $206,665,000 after buying an additional 309,215 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of KeyCorp by 658.6% in the 4th quarter. Principal Financial Group Inc. now owns 12,578,056 shares of the financial services provider’s stock worth $206,406,000 after buying an additional 10,919,935 shares during the last quarter. Norges Bank bought a new position in shares of KeyCorp in the 4th quarter worth about $175,147,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of KeyCorp by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,354,457 shares of the financial services provider’s stock worth $169,909,000 after buying an additional 76,716 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.
In related news, insider Andrew J. Paine III sold 35,218 shares of the stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $21.34, for a total value of $751,552.12. Following the completion of the sale, the insider now directly owns 223,446 shares of the company’s stock, valued at approximately $4,768,337.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher M. Gorman sold 101,878 shares of the firm’s stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $21.39, for a total value of $2,179,170.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,897 shares of company stock worth $3,451,012. Corporate insiders own 0.70% of the company’s stock.
KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Monday, April 19th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.13. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.68 billion. KeyCorp had a net margin of 16.38% and a return on equity of 7.87%. The business’s revenue was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 EPS. As a group, equities research analysts forecast that KeyCorp will post 1.14 EPS for the current fiscal year.
KeyCorp announced that its Board of Directors has approved a stock buyback plan on Thursday, January 21st that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Tuesday, June 1st will be paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, May 28th. KeyCorp’s dividend payout ratio is 41.11%.
KEY has been the topic of a number of recent research reports. Morgan Stanley raised their price target on shares of KeyCorp from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 5th. Wedbush upgraded shares of KeyCorp from a “neutral” rating to an “outperform” rating in a research report on Monday, May 3rd. Wells Fargo & Company lifted their price objective on shares of KeyCorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday. Barclays lifted their price objective on shares of KeyCorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $24.00 price objective on shares of KeyCorp in a research report on Friday, May 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $24.04.
KeyCorp Company Profile
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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