Summit Financial Strategies Inc. acquired a new position in KeyCorp (NYSE:KEY – Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 19,889 shares of the financial services provider’s stock, valued at approximately $249,000.
A number of other large investors have also recently made changes to their positions in KEY. Norges Bank bought a new stake in shares of KeyCorp in the 4th quarter worth approximately $134,162,000. Morgan Stanley lifted its stake in shares of KeyCorp by 21.1% in the 4th quarter. Morgan Stanley now owns 13,978,186 shares of the financial services provider’s stock valued at $243,500,000 after purchasing an additional 2,435,443 shares during the period. State Street Corp lifted its stake in shares of KeyCorp by 4.9% in the 3rd quarter. State Street Corp now owns 51,201,153 shares of the financial services provider’s stock valued at $820,242,000 after purchasing an additional 2,399,018 shares during the period. Prudential Financial Inc. lifted its stake in shares of KeyCorp by 211.6% in the 1st quarter. Prudential Financial Inc. now owns 3,274,208 shares of the financial services provider’s stock valued at $73,277,000 after purchasing an additional 2,223,588 shares during the period. Finally, Two Sigma Investments LP purchased a new position in shares of KeyCorp in the 4th quarter valued at approximately $37,846,000. 79.69% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, insider Victor B. Alexander acquired 8,500 shares of the business’s stock in a transaction that occurred on Friday, April 21st. The stock was bought at an average price of $11.83 per share, with a total value of $100,555.00. Following the completion of the acquisition, the insider now directly owns 117,196 shares of the company’s stock, valued at approximately $1,386,428.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Victor B. Alexander acquired 8,500 shares of the business’s stock in a transaction that occurred on Friday, April 21st. The stock was bought at an average price of $11.83 per share, with a total value of $100,555.00. Following the completion of the acquisition, the insider now directly owns 117,196 shares of the company’s stock, valued at approximately $1,386,428.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Paine III purchased 75,000 shares of the business’s stock in a transaction on Wednesday, May 3rd. The shares were bought at an average cost of $9.78 per share, with a total value of $733,500.00. Following the acquisition, the insider now directly owns 335,414 shares of the company’s stock, valued at approximately $3,280,348.92. The disclosure for this purchase can be found here. Insiders bought 85,700 shares of company stock valued at $857,507 over the last 90 days. Company insiders own 0.61% of the company’s stock.
KeyCorp Stock Down 1.4 %
Shares of KeyCorp stock traded down $0.13 on Wednesday, reaching $9.44. The company’s stock had a trading volume of 3,814,238 shares, compared to its average volume of 21,475,697. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.92. KeyCorp has a 52 week low of $8.53 and a 52 week high of $20.30. The company has a market capitalization of $8.83 billion, a price-to-earnings ratio of 5.31, a P/E/G ratio of 1.52 and a beta of 1.23. The firm’s fifty day simple moving average is $9.91 and its two-hundred day simple moving average is $13.88.
KeyCorp (NYSE:KEY – Free Report) last issued its quarterly earnings data on Thursday, April 20th. The financial services provider reported $0.44 EPS for the quarter, hitting the consensus estimate of $0.44. KeyCorp had a return on equity of 15.63% and a net margin of 19.09%. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. KeyCorp’s revenue was up 1.1% compared to the same quarter last year. Equities analysts anticipate that KeyCorp will post 1.47 earnings per share for the current year.
KeyCorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Tuesday, May 30th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 8.69%. The ex-dividend date was Friday, May 26th. KeyCorp’s payout ratio is currently 46.33%.
Analyst Upgrades and Downgrades
KEY has been the subject of a number of research analyst reports. TheStreet cut KeyCorp from a “b-” rating to a “c+” rating in a research note on Monday, May 1st. Robert W. Baird upgraded KeyCorp from a “neutral” rating to an “outperform” rating and set a $20.00 target price for the company in a research note on Friday, March 10th. The Goldman Sachs Group lowered their price objective on KeyCorp from $20.50 to $16.00 and set a “buy” rating for the company in a research note on Thursday, March 30th. StockNews.com began coverage on KeyCorp in a research note on Thursday, May 18th. They set a “sell” rating for the company. Finally, Royal Bank of Canada lowered their price objective on KeyCorp from $16.00 to $14.00 in a research note on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $14.93.
About KeyCorp
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, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.