Meeder Asset Management Inc. Decreases Stock Position in KeyCorp (NYSE:KEY)
Meeder Asset Management Inc. reduced its position in KeyCorp (NYSE:KEY) by 68.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,703 shares of the financial services provider’s stock after selling 111,653 shares during the quarter. Meeder Asset Management Inc.’s holdings in KeyCorp were worth $900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of KeyCorp by 4.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 58,976 shares of the financial services provider’s stock valued at $929,000 after purchasing an additional 2,538 shares in the last quarter. Winslow Evans & Crocker Inc. grew its position in shares of KeyCorp by 106.7% in the second quarter. Winslow Evans & Crocker Inc. now owns 7,604 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 3,926 shares in the last quarter. Hexavest Inc. purchased a new position in shares of KeyCorp in the second quarter valued at $39,330,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of KeyCorp by 10.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,000,800 shares of the financial services provider’s stock valued at $17,764,000 after purchasing an additional 98,741 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of KeyCorp by 47.7% in the first quarter. Principal Financial Group Inc. now owns 3,377,282 shares of the financial services provider’s stock valued at $53,193,000 after purchasing an additional 1,090,575 shares in the last quarter. 79.60% of the stock is owned by institutional investors and hedge funds.
In other KeyCorp news, insider Amy G. Brady sold 13,238 shares of KeyCorp stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $17.00, for a total transaction of $225,046.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Paine III sold 99,999 shares of KeyCorp stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $18.26, for a total value of $1,825,981.74. Following the sale, the insider now directly owns 85,469 shares of the company’s stock, valued at approximately $1,560,663.94. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.
KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.44. KeyCorp had a return on equity of 12.82% and a net margin of 23.15%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue was down 2.2% compared to the same quarter last year. As a group, equities analysts forecast that KeyCorp will post 1.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th will be paid a dividend of $0.185 per share. The ex-dividend date is Monday, August 26th. This represents a $0.74 annualized dividend and a yield of 4.54%. This is a positive change from KeyCorp’s previous quarterly dividend of $0.17. KeyCorp’s payout ratio is 39.31%.
Several research firms recently commented on KEY. Jefferies Financial Group boosted their target price on KeyCorp from $20.00 to $18.50 and gave the stock a “buy” rating in a research report on Monday, May 6th. BMO Capital Markets boosted their target price on KeyCorp from $19.00 to $20.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 24th. Credit Suisse Group upgraded KeyCorp from an “average” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Wednesday, August 7th. Zacks Investment Research cut KeyCorp from a “hold” rating to a “sell” rating and set a $20.00 target price for the company. in a research report on Monday, July 8th. Finally, Nomura set a $18.00 target price on KeyCorp and gave the stock a “hold” rating in a research report on Friday, July 26th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the stock. KeyCorp has an average rating of “Hold” and a consensus target price of $23.88.
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.
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