California Public Employees Retirement System trimmed its position in shares of KeyCorp (NYSE:KEY) by 3.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,024,113 shares of the financial services provider’s stock after selling 107,325 shares during the period. California Public Employees Retirement System’s holdings in KeyCorp were worth $59,121,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. First Personal Financial Services lifted its position in shares of KeyCorp by 139.7% during the first quarter. First Personal Financial Services now owns 5,894 shares of the financial services provider’s stock worth $115,000 after acquiring an additional 3,435 shares in the last quarter. We Are One Seven LLC purchased a new stake in shares of KeyCorp during the fourth quarter worth $183,000. Meridian Wealth Management LLC purchased a new stake in shares of KeyCorp during the first quarter worth $196,000. Whittier Trust Co. lifted its position in shares of KeyCorp by 881.1% during the first quarter. Whittier Trust Co. now owns 11,135 shares of the financial services provider’s stock worth $218,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Jump Trading LLC purchased a new stake in shares of KeyCorp during the fourth quarter worth $219,000. 80.06% of the stock is owned by institutional investors and hedge funds.
In other KeyCorp news, insider Edward J. Burke sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $19.83, for a total transaction of $198,300.00. Following the sale, the insider now owns 126,526 shares in the company, valued at $2,509,010.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.65% of the company’s stock.
KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 19th. The financial services provider reported $0.38 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.38. KeyCorp had a return on equity of 11.03% and a net margin of 19.32%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter last year, the business posted $0.32 earnings per share. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. analysts predict that KeyCorp will post 1.7 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Tuesday, May 29th will be given a dividend of $0.12 per share. This is an increase from KeyCorp’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Friday, May 25th. This represents a $0.48 dividend on an annualized basis and a yield of 2.47%. KeyCorp’s dividend payout ratio (DPR) is presently 35.29%.
Several equities research analysts have issued reports on the company. Morgan Stanley increased their target price on KeyCorp from $24.50 to $25.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 24th. Susquehanna Bancshares upgraded KeyCorp from a “neutral” rating to a “positive” rating and increased their target price for the stock from $24.00 to $25.00 in a research report on Tuesday, April 24th. UBS Group upgraded KeyCorp from a “neutral” rating to a “positive” rating in a research report on Tuesday, April 24th. BMO Capital Markets dropped their target price on KeyCorp from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, April 20th. Finally, Vining Sparks restated a “buy” rating and set a $25.00 target price on shares of KeyCorp in a research report on Friday, April 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. KeyCorp presently has a consensus rating of “Buy” and an average target price of $22.45.
KeyCorp Company Profile
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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