Bank of Nova Scotia Buys 1,539 Shares of KeyCorp (KEY)

Bank of Nova Scotia lifted its stake in shares of KeyCorp (NYSE:KEY) by 0.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 247,204 shares of the financial services provider’s stock after acquiring an additional 1,539 shares during the quarter. Bank of Nova Scotia’s holdings in KeyCorp were worth $4,633,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Teachers Advisors LLC lifted its holdings in KeyCorp by 0.8% in the 1st quarter. Teachers Advisors LLC now owns 3,537,235 shares of the financial services provider’s stock worth $62,892,000 after purchasing an additional 28,691 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in KeyCorp by 2.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,005,489 shares of the financial services provider’s stock worth $71,217,000 after purchasing an additional 110,343 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in KeyCorp by 3.9% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 17,011,141 shares of the financial services provider’s stock worth $302,458,000 after purchasing an additional 636,778 shares in the last quarter. Uniplan Investment Counsel Inc. lifted its holdings in KeyCorp by 620.5% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 269,104 shares of the financial services provider’s stock worth $4,784,000 after purchasing an additional 231,753 shares in the last quarter. Finally, Global X Management Co. LLC lifted its holdings in KeyCorp by 12.4% in the 1st quarter. Global X Management Co. LLC now owns 42,966 shares of the financial services provider’s stock worth $764,000 after purchasing an additional 4,725 shares in the last quarter. Institutional investors own 80.72% of the company’s stock.

A number of research analysts recently commented on the company. DA Davidson raised KeyCorp from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $21.00 in a report on Thursday, July 20th. Morgan Stanley reissued an “overweight” rating and issued a $22.00 price target (up from $21.00) on shares of KeyCorp in a report on Friday, July 7th. Keefe, Bruyette & Woods set a $20.00 price target on KeyCorp and gave the stock a “hold” rating in a report on Saturday, June 24th. Citigroup Inc. boosted their price target on KeyCorp from $19.00 to $20.00 and gave the stock a “neutral” rating in a report on Monday, October 9th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $21.00 price target on shares of KeyCorp in a report on Friday, July 14th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $20.03.

In other KeyCorp news, Director Ruth Ann M. Gillis bought 2,000 shares of KeyCorp stock in a transaction on Monday, August 14th. The shares were bought at an average price of $17.91 per share, for a total transaction of $35,820.00. Following the completion of the transaction, the director now directly owns 10,551 shares of the company’s stock, valued at $188,968.41. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Paul N. Harris sold 205,024 shares of KeyCorp stock in a transaction on Friday, August 4th. The shares were sold at an average price of $18.56, for a total value of $3,805,245.44. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. 0.65% of the stock is owned by insiders.

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KeyCorp (NYSE KEY) opened at 18.43 on Tuesday. The company has a market cap of $20.04 billion, a P/E ratio of 18.30 and a beta of 1.13. KeyCorp has a 52-week low of $12.33 and a 52-week high of $19.53. The stock’s 50 day moving average price is $17.97 and its 200 day moving average price is $18.12.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the business earned $0.27 earnings per share. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. Analysts expect that KeyCorp will post $1.35 earnings per share for the current year.

KeyCorp announced that its board has approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $800.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

About KeyCorp

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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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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