Cubist Systematic Strategies LLC lessened its holdings in shares of KeyCorp (NYSE:KEY) by 34.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,593 shares of the financial services provider’s stock after selling 35,305 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in KeyCorp were worth $1,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Cypress Capital Management LLC WY boosted its stake in shares of KeyCorp by 177.9% during the 2nd quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock worth $132,000 after acquiring an additional 4,500 shares during the last quarter. Sun Life Financial INC boosted its stake in shares of KeyCorp by 80,370.0% during the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 8,037 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of KeyCorp during the 2nd quarter worth $174,000. First Financial Bank Trust Division purchased a new position in shares of KeyCorp during the 2nd quarter worth $192,000. Finally, Equity Investment Corp Acquisition Inc boosted its stake in shares of KeyCorp by 3.9% during the 2nd quarter. Equity Investment Corp Acquisition Inc now owns 10,465 shares of the financial services provider’s stock worth $196,000 after acquiring an additional 390 shares during the last quarter. Institutional investors and hedge funds own 80.80% of the company’s stock.
Several brokerages have recently weighed in on KEY. DA Davidson upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $21.00 in a research note on Thursday, July 20th. Morgan Stanley reiterated an “overweight” rating and set a $22.00 price target (up previously from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. Keefe, Bruyette & Woods set a $20.00 target price on shares of KeyCorp and gave the company a “hold” rating in a research note on Saturday, June 24th. Citigroup Inc. lifted their target price on shares of KeyCorp from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Jefferies Group LLC restated a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research note on Friday, July 14th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $20.03.
KeyCorp (KEY) opened at 18.00 on Friday. The company has a market capitalization of $19.58 billion, a P/E ratio of 17.87 and a beta of 1.13. The company’s 50-day moving average is $17.94 and its 200 day moving average is $18.11. KeyCorp has a one year low of $12.33 and a one year high of $19.53.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the business earned $0.27 earnings per share. KeyCorp’s revenue was up 52.1% compared to the same quarter last year. On average, equities analysts anticipate that KeyCorp will post $1.35 earnings per share for the current year.
KeyCorp announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $800.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, Director Alexander M. Cutler acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was purchased at an average cost of $18.55 per share, for a total transaction of $92,750.00. Following the completion of the transaction, the director now owns 55,000 shares in the company, valued at $1,020,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Paul N. Harris sold 205,024 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $18.56, for a total transaction of $3,805,245.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 16,000 shares of company stock valued at $290,540 and have sold 259,409 shares valued at $4,794,449. 0.65% of the stock is currently owned by company insiders.
KeyCorp Company Profile
KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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