KeyCorp (NYSE:KEY) General Counsel Sells $3,805,245.44 in Stock
KeyCorp (NYSE:KEY) General Counsel Paul N. Harris sold 205,024 shares of the company’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 sale was disclosed in a document filed with the SEC, which is accessible through this link.
Shares of KeyCorp (NYSE:KEY) traded up 0.16% during trading on Tuesday, hitting $18.35. 8,699,534 shares of the stock were exchanged. The stock’s 50 day moving average is $18.58 and its 200-day moving average is $18.26. KeyCorp has a 12-month low of $11.89 and a 12-month high of $19.53. The stock has a market cap of $20.05 billion, a price-to-earnings ratio of 18.22 and a beta of 1.11.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the company earned $0.27 earnings per share. KeyCorp’s revenue for the quarter was up 52.1% on a year-over-year basis. Equities research analysts anticipate that KeyCorp will post $1.36 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be paid a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, August 25th. KeyCorp’s payout ratio is 38.78%.
KeyCorp declared that its board has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $800.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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Several research analysts have weighed in on the stock. DA Davidson upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and upped their target price for the stock from $20.00 to $21.00 in a research report on Thursday, July 20th. Keefe, Bruyette & Woods set a $20.00 target price on shares of KeyCorp and gave the stock a “hold” rating in a research report on Saturday, June 24th. Morgan Stanley restated an “overweight” rating and set a $22.00 target price (up from $21.00) on shares of KeyCorp in a research report on Friday, July 7th. Jefferies Group LLC restated a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research report on Friday, July 14th. Finally, BidaskClub upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $19.78.
A number of institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. boosted its position in KeyCorp by 31.7% in the fourth quarter. Macquarie Group Ltd. now owns 869,496 shares of the financial services provider’s stock valued at $15,885,000 after buying an additional 209,075 shares during the last quarter. Chevy Chase Trust Holdings Inc. boosted its position in KeyCorp by 2.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 924,505 shares of the financial services provider’s stock valued at $16,438,000 after buying an additional 21,454 shares during the last quarter. Raymond James Trust N.A. boosted its position in KeyCorp by 5.5% in the first quarter. Raymond James Trust N.A. now owns 14,906 shares of the financial services provider’s stock valued at $265,000 after buying an additional 774 shares during the last quarter. Gulf International Bank UK Ltd boosted its position in KeyCorp by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 332,047 shares of the financial services provider’s stock valued at $5,903,000 after buying an additional 4,400 shares during the last quarter. Finally, National Pension Service boosted its position in KeyCorp by 9.3% in the first quarter. National Pension Service now owns 899,234 shares of the financial services provider’s stock valued at $16,177,000 after buying an additional 76,297 shares during the last quarter. Hedge funds and other institutional investors own 81.27% of the company’s stock.
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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