State of Alaska Department of Revenue grew its stake in KeyCorp (NYSE:KEY) by 4.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 148,894 shares of the financial services provider’s stock after acquiring an additional 6,364 shares during the quarter. State of Alaska Department of Revenue’s holdings in KeyCorp were worth $2,961,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Kiley Juergens Wealth Management LLC acquired a new stake in shares of KeyCorp in the 2nd quarter worth $113,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of KeyCorp in the 1st quarter worth $114,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of KeyCorp by 8,462.5% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,165 shares of the financial services provider’s stock worth $120,000 after acquiring an additional 6,093 shares during the last quarter. Edge Wealth Management LLC acquired a new stake in shares of KeyCorp in the 2nd quarter worth $161,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of KeyCorp in the 2nd quarter worth $173,000. 79.47% of the stock is owned by institutional investors and hedge funds.
In other news, Director H James Dallas bought 9,610 shares of the stock in a transaction that occurred on Monday, July 23rd. The stock was bought at an average cost of $20.81 per share, for a total transaction of $199,984.10. Following the acquisition, the director now directly owns 98,791 shares of the company’s stock, valued at approximately $2,055,840.71. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas M. Schosser sold 6,048 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $21.49, for a total value of $129,971.52. Following the transaction, the insider now owns 23,164 shares of the company’s stock, valued at $497,794.36. The disclosure for this sale can be found here. Insiders have sold a total of 340,954 shares of company stock valued at $7,120,124 over the last three months. Corporate insiders own 0.67% of the company’s stock.
A number of analysts have issued reports on KEY shares. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Wednesday, June 20th. Argus started coverage on KeyCorp in a research note on Tuesday, June 26th. They issued a “buy” rating and a $24.00 target price for the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $23.00 target price on shares of KeyCorp in a research note on Friday, July 13th. ValuEngine downgraded KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, July 14th. Finally, Vining Sparks reaffirmed a “buy” rating and issued a $25.00 target price on shares of KeyCorp in a research note on Thursday, July 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $23.87.
Shares of NYSE:KEY opened at $18.47 on Tuesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market cap of $20.93 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 0.73 and a beta of 1.01. KeyCorp has a 12-month low of $17.40 and a 12-month high of $22.40.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.60 billion. KeyCorp had a return on equity of 11.73% and a net margin of 20.05%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the company earned $0.36 EPS. On average, sell-side analysts forecast that KeyCorp will post 1.74 EPS for the current year.
KeyCorp declared that its Board of Directors has approved a share repurchase plan on Thursday, June 28th that permits the company to buyback $1.23 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 5.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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