Why Are 3 Insiders Buying Keycorp (NYSE:KEY) Stock?


Dallas, Texas 07/25/2014 (FINANCIALSTRENDS) – In the hedge fund news report, three insiders at KeyCorp (NYSE:KEY) were reportedly buying company stock on Thursday. The directors named were David Wilson and William Gisel Jr., were making small purchases to the tune of 1,500 common shares. The share prices of the stock purchased by the two were $13.56 as well as $13.66 per share respectively.

Another Director Kristen Mano was known to make a larger acquisition. The shares bought were 9,000 shares at $12 billion market cap bank holding firm, with the price per stock at $13.58 per share. This is the first ever purchase made for the current year and she will now own over 44,795 shares.

There has been other hedge fund activity for this stock, this quarter. KeyCorp has witnessed hedge fund investor activity simultaneously decrease in the portfolio activity by other stakeholders.

Much of the activity was seen, with Rob Citrone-owned Discovery Capital Management, a new hedge fund entrant on this stock. This fund has now acquired 6.1 million shares, to the tune of $87 million. Other KeyCorp hedge fund activity which showed a decline- Ken Griffin-led Citadel Investment Group, stepping out of the 15-% stake it held last quarter. However, despite the decrease, it continues to be the majority shareholder with 12.9 million shares, valued at $184.8 million.

KeyCorp is a banking and related financial services provider, with the parent holding company being KeyBank National Association. Most of the services are provided through this holding service and include a range of retail services as well as commercial banking. This includes investment management as well as consumer finance, besides investment banking products.

KeyCorp has since agreed to sell its Victory Capital Management, as well as its broker-dealer affiliation in Victory Capital Advisers.

Insider buys are indicative of the upward growth curve and this could well be true for KeyCorp as well.

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