Millennium Management LLC Increases Holdings in KeyCorp (NYSE:KEY)
Millennium Management LLC lifted its holdings in KeyCorp (NYSE:KEY) by 87.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,025,846 shares of the financial services provider’s stock after purchasing an additional 6,540,895 shares during the quarter. KeyCorp accounts for approximately 0.4% of Millennium Management LLC’s investment portfolio, making the stock its 15th biggest holding. Millennium Management LLC owned 1.33% of KeyCorp worth $274,065,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of KEY. Soros Fund Management LLC grew its stake in shares of KeyCorp by 144.5% in the second quarter. Soros Fund Management LLC now owns 247,703 shares of the financial services provider’s stock valued at $4,840,000 after acquiring an additional 146,380 shares in the last quarter. Waddell & Reed Financial Inc. lifted its position in KeyCorp by 97.0% during the second quarter. Waddell & Reed Financial Inc. now owns 2,679,773 shares of the financial services provider’s stock worth $52,363,000 after purchasing an additional 1,319,673 shares during the period. Worldquant Millennium Quantitative Strategies LLC bought a new stake in KeyCorp during the second quarter worth about $10,011,000. Zurich Insurance Group Ltd FI lifted its position in KeyCorp by 56.4% during the second quarter. Zurich Insurance Group Ltd FI now owns 533,587 shares of the financial services provider’s stock worth $10,426,000 after purchasing an additional 192,376 shares during the period. Finally, SCP Investment LP bought a new stake in KeyCorp during the second quarter worth about $1,172,000. 79.47% of the stock is currently owned by hedge funds and other institutional investors.
In other KeyCorp news, Director H James Dallas bought 9,610 shares of the business’s stock in a transaction that occurred on Monday, July 23rd. The stock was purchased at an average price of $20.81 per share, for a total transaction of $199,984.10. Following the completion of the transaction, the director now owns 98,791 shares of the company’s stock, valued at approximately $2,055,840.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas M. Schosser sold 6,048 shares of KeyCorp stock in a transaction that occurred on Thursday, August 16th. The stock was 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 owns 23,164 shares of the company’s stock, valued at approximately $497,794.36. The disclosure for this sale can be found here. Insiders sold 340,954 shares of company stock valued at $7,120,124 in the last quarter. Corporate insiders own 0.67% of the company’s stock.
KEY stock traded down $0.15 during mid-day trading on Friday, reaching $20.29. 9,877,671 shares of the company traded hands, compared to its average volume of 9,666,405. The firm has a market capitalization of $20.93 billion, a PE ratio of 14.92, a PEG ratio of 0.73 and a beta of 1.01. KeyCorp has a 52-week low of $17.40 and a 52-week high of $22.40. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.98.
KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 19th. The financial services provider reported $0.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.02. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.60 billion. KeyCorp had a return on equity of 11.73% and a net margin of 20.05%. KeyCorp’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. On average, equities research analysts anticipate that KeyCorp will post 1.74 EPS for the current fiscal year.
KeyCorp declared that its Board of Directors 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 repurchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Tuesday, August 28th were given a $0.17 dividend. The ex-dividend date was Monday, August 27th. This represents a $0.68 annualized dividend and a yield of 3.35%. This is an increase from KeyCorp’s previous quarterly dividend of $0.12. KeyCorp’s payout ratio is presently 50.00%.
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.
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