First Manhattan Co. Has $288,000 Position in KeyCorp (KEY)

First Manhattan Co. held its stake in shares of KeyCorp (NYSE:KEY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,410 shares of the financial services provider’s stock at the end of the second quarter. First Manhattan Co.’s holdings in KeyCorp were worth $288,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Trust Co. of Toledo NA OH boosted its stake in shares of KeyCorp by 0.4% in the second quarter. Trust Co. of Toledo NA OH now owns 42,951 shares of the financial services provider’s stock valued at $805,000 after buying an additional 178 shares in the last quarter. Cutter & CO Brokerage Inc. boosted its stake in shares of KeyCorp by 2.2% in the first quarter. Cutter & CO Brokerage Inc. now owns 14,206 shares of the financial services provider’s stock valued at $253,000 after buying an additional 300 shares in the last quarter. Huntington National Bank boosted its stake in shares of KeyCorp by 0.3% in the first quarter. Huntington National Bank now owns 120,563 shares of the financial services provider’s stock valued at $2,144,000 after buying an additional 323 shares in the last quarter. Denver Investment Advisors LLC boosted its stake in shares of KeyCorp by 0.4% in the first quarter. Denver Investment Advisors LLC now owns 93,603 shares of the financial services provider’s stock valued at $1,665,000 after buying an additional 357 shares in the last quarter. Finally, Bouchey Financial Group Ltd boosted its stake in shares of KeyCorp by 1.8% in the second quarter. Bouchey Financial Group Ltd now owns 24,265 shares of the financial services provider’s stock valued at $455,000 after buying an additional 422 shares in the last quarter. Institutional investors and hedge funds own 81.27% of the company’s stock.

KeyCorp (KEY) opened at 18.12 on Thursday. The stock has a 50 day moving average price of $18.55 and a 200-day moving average price of $18.27. KeyCorp has a one year low of $11.89 and a one year high of $19.53. The firm has a market capitalization of $19.80 billion, a price-to-earnings ratio of 17.99 and a beta of 1.11.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the business earned $0.27 EPS. The business’s quarterly revenue was up 52.1% on a year-over-year basis. On average, analysts predict that KeyCorp will post $1.36 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be given a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 2.10%. The ex-dividend date is Friday, August 25th. KeyCorp’s dividend payout ratio (DPR) is presently 38.78%.

KeyCorp declared that its Board of Directors has initiated a stock buyback 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 buy up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods set a $20.00 price objective on KeyCorp and gave the stock a “hold” rating in a research note on Saturday, June 24th. Wells Fargo & Company assumed coverage on KeyCorp in a research note on Wednesday. They set a “market perform” rating for the company. BidaskClub upgraded KeyCorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of KeyCorp in a research note on Saturday, July 22nd. Finally, Instinet restated a “buy” rating and set a $23.00 price objective (up from $22.00) on shares of KeyCorp in a research note on Sunday, April 23rd. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have issued a buy rating to the company’s stock. KeyCorp presently has a consensus rating of “Hold” and an average target price of $19.78.

In related news, Director Alexander M. Cutler purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were purchased at an average price of $18.55 per share, for a total transaction of $92,750.00. Following the transaction, the director now directly owns 55,000 shares of the company’s stock, valued at approximately $1,020,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce D. Broussard purchased 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was bought at an average price of $18.17 per share, for a total transaction of $45,425.00. Following the transaction, the director now directly owns 12,500 shares in the company, valued at $227,125. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 14,000 shares of company stock worth $254,720 and sold 259,409 shares worth $4,794,449. Insiders own 0.65% of the company’s stock.

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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