KeyCorp (KEY) Position Trimmed by Putnam Investments LLC

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Putnam Investments LLC decreased its holdings in shares of KeyCorp (NYSE:KEY) by 1.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,840,140 shares of the financial services provider’s stock after selling 54,093 shares during the quarter. Putnam Investments LLC’s holdings in KeyCorp were worth $94,576,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Kiley Juergens Wealth Management LLC purchased a new stake in KeyCorp during the second quarter worth approximately $113,000. Mount Yale Investment Advisors LLC purchased a new stake in KeyCorp during the first quarter worth approximately $114,000. First Personal Financial Services lifted its stake in KeyCorp by 139.7% during the first quarter. First Personal Financial Services now owns 5,894 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 3,435 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in KeyCorp by 8,462.5% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,165 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 6,093 shares during the last quarter. Finally, Edge Wealth Management LLC purchased a new stake in KeyCorp during the second quarter worth approximately $161,000. Hedge funds and other institutional investors own 79.47% of the company’s stock.

Several equities research analysts recently weighed in on KEY shares. Zacks Investment Research upgraded KeyCorp from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Wednesday, June 20th. Wedbush set a $23.00 target price on KeyCorp and gave the stock a “buy” rating in a research note on Thursday. Vining Sparks restated a “buy” rating and set a $25.00 target price on shares of KeyCorp in a research note on Thursday, July 19th. Jefferies Financial Group restated a “buy” rating and set a $23.00 target price on shares of KeyCorp in a research note on Friday, July 13th. Finally, Argus started coverage on KeyCorp in a research note on Tuesday, June 26th. They set a “buy” rating and a $24.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. KeyCorp presently has an average rating of “Buy” and a consensus target price of $23.22.

KEY opened at $19.94 on Friday. The company has a market cap of $21.80 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 0.76 and a beta of 0.98. KeyCorp has a 52 week low of $17.40 and a 52 week high of $22.40. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.98.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.60 billion. KeyCorp had a return on equity of 11.73% and a net margin of 20.05%. The firm’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 earnings per share. equities analysts predict that KeyCorp will post 1.75 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Tuesday, August 28th were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, August 27th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.41%. This is a positive change from KeyCorp’s previous quarterly dividend of $0.12. KeyCorp’s payout ratio is presently 50.00%.

KeyCorp declared that its board has initiated a share buyback plan on Thursday, June 28th that authorizes the company to repurchase $1.23 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

In related news, Director H James Dallas bought 9,610 shares of the company’s stock in a transaction dated Monday, July 23rd. The shares were acquired at an average price of $20.81 per share, with a total value of $199,984.10. Following the completion of the acquisition, the director now owns 98,791 shares in the company, valued at approximately $2,055,840.71. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Douglas M. Schosser sold 6,048 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $21.49, for a total value of $129,971.52. Following the completion of the transaction, the insider now directly owns 23,164 shares in the company, valued at approximately $497,794.36. The disclosure for this sale can be found here. In the last three months, insiders sold 340,954 shares of company stock worth $7,120,124. Corporate insiders own 0.65% of the company’s stock.

KeyCorp Company Profile

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, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.

Further Reading: Earnings Per Share

Want to see what other hedge funds are holding KEY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for KeyCorp (NYSE:KEY).

Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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