Westchester Capital Management buys $62,326,406 stake in KeyCorp (KEY)

KeyCorp (KEY) : Westchester Capital Management scooped up 177,380 additional shares in KeyCorp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 5,198,199 shares of KeyCorp which is valued at $62,326,406.KeyCorp makes up approximately 1.93% of Westchester Capital Management’s portfolio.

Other Hedge Funds, Including , Bristlecone Advisors boosted its stake in KEY in the latest quarter, The investment management firm added 12,015 additional shares and now holds a total of 31,316 shares of KeyCorp which is valued at $375,479. KeyCorp makes up approx 0.14% of Bristlecone Advisors’s portfolio.Proshare Advisors boosted its stake in KEY in the latest quarter, The investment management firm added 59,211 additional shares and now holds a total of 364,973 shares of KeyCorp which is valued at $4,376,026. KeyCorp makes up approx 0.05% of Proshare Advisors’s portfolio. Bridgewater Associates Lp added KEY to its portfolio by purchasing 120,100 company shares during the most recent quarter which is valued at $1,439,999. KeyCorp makes up approx 0.02% of Bridgewater Associates Lp’s portfolio.Quadrant Capital Group boosted its stake in KEY in the latest quarter, The investment management firm added 216 additional shares and now holds a total of 4,970 shares of KeyCorp which is valued at $58,149. KeyCorp makes up approx 0.04% of Quadrant Capital Group’s portfolio.New York State Teachers Retirement System boosted its stake in KEY in the latest quarter, The investment management firm added 636 additional shares and now holds a total of 1,630,453 shares of KeyCorp which is valued at $19,255,650. KeyCorp makes up approx 0.05% of New York State Teachers Retirement System’s portfolio.

KeyCorp closed down -0.12 points or -0.96% at $12.44 with 1,31,30,095 shares getting traded on Thursday. Post opening the session at $12.6, the shares hit an intraday low of $12.3 and an intraday high of $12.64 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, KeyCorp reported $0.27 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Jul 26, 2016. Analyst had a consensus of $0.28. The company had revenue of $1078.00 million for the quarter, compared to analysts expectations of $1082.02 million. The company’s revenue was down -.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.27 EPS.

Many Wall Street Analysts have commented on KeyCorp. KeyCorp was Downgraded by Piper Jaffray to ” Neutral” on Aug 29, 2016. KeyCorp was Resumed by JP Morgan to “Overweight” on Jul 25, 2016. KeyCorp was Upgraded by FBR Capital to ” Outperform” on Jul 11, 2016.

KeyCorp is a bank holding company. The Bank operates through its subsidiary KeyBank National Association which is engaged in providing banking services. Through KeyBank and other subsidiaries the Bank provides a range of retail and commercial banking commercial leasing investment management consumer finance commercial mortgage servicing and special servicing and investment banking products and services. The Bank provides these services to individual corporate and institutional clients. The Bank operates in two segments: Key Community Bank which serves individuals and small to mid-sized businesses by offering a variety of deposit investment lending credit card and personalized wealth management products and business advisory services and Key Corporate Bank is a full-service corporate and investment bank focused on serving the needs of middle market clients in seven industry sectors: consumer energy healthcare industrial public sector real estate and technology.

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