New Mexico Educational Retirement Board lowered its position in KeyCorp (NYSE:KEY) by 6.3% during the second quarter, Holdings Channel reports. The firm owned 101,887 shares of the financial services provider’s stock after selling 6,800 shares during the period. New Mexico Educational Retirement Board’s holdings in KeyCorp were worth $1,838,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of KEY. Focused Wealth Management Inc increased its stake in shares of KeyCorp by 613.0% in the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock valued at $106,000 after buying an additional 5,125 shares during the period. Thompson Davis & CO. Inc. increased its stake in shares of KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,125 shares during the period. Cypress Capital Management LLC WY increased its stake in shares of KeyCorp by 177.9% in the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock valued at $132,000 after buying an additional 4,500 shares during the period. CI Investments Inc. purchased a new stake in shares of KeyCorp during the first quarter valued at about $160,000. Finally, Equity Investment Corp Acquisition Inc purchased a new stake in shares of KeyCorp during the first quarter valued at about $179,000. 81.27% of the stock is owned by hedge funds and other institutional investors.

Shares of KeyCorp (NYSE KEY) opened at 17.52 on Friday. The company has a market capitalization of $19.05 billion, a PE ratio of 17.40 and a beta of 1.11. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53. The firm has a 50-day moving average price of $18.51 and a 200-day moving average price of $18.27.

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, meeting analysts’ consensus estimates of $0.34. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. KeyCorp’s quarterly revenue was up 52.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.27 earnings per share. Equities analysts anticipate that KeyCorp will post $1.36 earnings per share for the current year.

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

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 given a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Friday, August 25th. KeyCorp’s dividend payout ratio is presently 38.78%.

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KEY has been the subject of several recent research reports. Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Wednesday, June 21st. Morgan Stanley reaffirmed an “overweight” rating and issued a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research report on Friday, July 7th. BidaskClub downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Deutsche Bank AG reaffirmed a “hold” rating on shares of KeyCorp in a research report on Monday, July 3rd. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $22.00 price objective on shares of KeyCorp in a research report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have given a buy rating to the stock. KeyCorp has a consensus rating of “Hold” and a consensus target price of $19.74.

In other news, General Counsel Paul N. Harris sold 205,024 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $18.56, for a total transaction of $3,805,245.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ruth Ann M. Gillis acquired 3,000 shares of the stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average price of $18.00 per share, for a total transaction of $54,000.00. Following the completion of the transaction, the director now owns 10,551 shares of the company’s stock, valued at approximately $189,918. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 14,000 shares of company stock worth $254,720 and have sold 259,409 shares worth $4,794,449. Insiders own 0.65% of the company’s stock.

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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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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