Dreman Value Management L L C maintained its stake in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 103,222 shares of the financial services provider’s stock at the close of the 2nd quarter. KeyCorp comprises about 1.1% of Dreman Value Management L L C’s holdings, making the stock its 19th largest holding. Dreman Value Management L L C’s holdings in KeyCorp were worth $1,835,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Cypress Capital Management LLC WY grew 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 worth $132,000 after acquiring an additional 4,500 shares during the last quarter. Sun Life Financial INC grew its stake in shares of KeyCorp by 80,370.0% in the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 8,037 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of KeyCorp in the second quarter worth $174,000. First Financial Bank Trust Division acquired a new stake in shares of KeyCorp in the second quarter worth $192,000. Finally, Equity Investment Corp Acquisition Inc grew its stake in shares of KeyCorp by 3.9% in the second quarter. Equity Investment Corp Acquisition Inc now owns 10,465 shares of the financial services provider’s stock worth $196,000 after acquiring an additional 390 shares during the last quarter. Institutional investors and hedge funds own 80.80% of the company’s stock.
In related news, Director Ruth Ann M. Gillis acquired 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were bought at an average cost of $18.00 per share, for a total transaction of $54,000.00. Following the purchase, the director now owns 10,551 shares in the company, valued at approximately $189,918. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Paul N. Harris sold 205,024 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $18.56, for a total value of $3,805,245.44. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. Insiders own 0.65% of the company’s stock.
KEY has been the topic of several research analyst reports. Morgan Stanley restated an “overweight” rating and issued a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. UBS AG upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $19.00 to $22.00 in a research note on Monday, July 10th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of KeyCorp in a research note on Saturday, July 22nd. Sanford C. Bernstein upgraded shares of KeyCorp from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $21.00 to $22.00 in a research note on Thursday, September 14th. Finally, Zacks Investment Research downgraded shares of KeyCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $20.03.
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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. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company posted $0.27 EPS. The firm’s revenue for the quarter was up 52.1% compared to the same quarter last year.
KeyCorp announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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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