Texas Permanent School Fund reduced its stake in KeyCorp (NYSE:KEY) by 2.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 161,775 shares of the financial services provider’s stock after selling 4,365 shares during the period. Texas Permanent School Fund’s holdings in KeyCorp were worth $3,232,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in KEY. Louisiana State Employees Retirement System increased its stake in KeyCorp by 22.2% in the 4th quarter. Louisiana State Employees Retirement System now owns 60,600 shares of the financial services provider’s stock worth $994,000 after purchasing an additional 11,000 shares during the period. Sowell Financial Services LLC increased its stake in KeyCorp by 18.2% in the 4th quarter. Sowell Financial Services LLC now owns 31,078 shares of the financial services provider’s stock worth $510,000 after purchasing an additional 4,785 shares during the period. IFM Investors Pty Ltd increased its stake in KeyCorp by 16.6% in the 4th quarter. IFM Investors Pty Ltd now owns 94,368 shares of the financial services provider’s stock worth $1,549,000 after purchasing an additional 13,439 shares during the period. Raymond James Trust N.A. increased its stake in KeyCorp by 5.3% in the 4th quarter. Raymond James Trust N.A. now owns 14,130 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 713 shares during the period. Finally, Forte Capital LLC ADV purchased a new position in KeyCorp in the 4th quarter worth approximately $175,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on KEY shares. Royal Bank of Canada lifted their price target on KeyCorp from $20.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 21st. Credit Suisse Group boosted their price target on KeyCorp from $30.00 to $34.00 and gave the stock an “outperform” rating in a research note on Thursday. Morgan Stanley boosted their price target on KeyCorp from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, May 5th. Barclays upped their price objective on KeyCorp from $29.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Jefferies Financial Group reissued a “buy” rating and set a $24.00 price target on shares of KeyCorp in a research note on Friday, May 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $24.04.
KeyCorp (NYSE:KEY) last announced its earnings results on Monday, April 19th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.13. The business had revenue of $1.75 billion during 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 firm’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter last year, the company posted $0.12 EPS. On average, research analysts expect that KeyCorp will post 1.14 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Tuesday, June 1st will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Friday, May 28th. KeyCorp’s dividend payout ratio (DPR) is currently 41.11%.
KeyCorp announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 21st that permits the company to repurchase $900.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other KeyCorp news, CEO Christopher M. Gorman sold 101,878 shares of the stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $21.39, for a total transaction of $2,179,170.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark W. Midkiff sold 23,801 shares of the stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $21.86, for a total transaction of $520,289.86. Following the sale, the insider now directly owns 68,836 shares in the company, valued at approximately $1,504,754.96. The disclosure for this sale can be found here. Insiders have sold a total of 160,897 shares of company stock valued at $3,451,012 in the last quarter. 0.70% of the stock is currently owned by corporate insiders.
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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