Nicholas Investment Partners LP lessened its stake in KeyCorp (NYSE:KEY) by 58.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 146,144 shares of the financial services provider’s stock after selling 202,516 shares during the quarter. Nicholas Investment Partners LP’s holdings in KeyCorp were worth $2,750,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. bought a new stake in KeyCorp in the third quarter worth $145,000. Sun Life Financial INC increased its position in KeyCorp by 80,370.0% during the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 8,037 shares during the last quarter. AllSquare Wealth Management LLC bought a new position in KeyCorp during the third quarter valued at $173,000. Quantbot Technologies LP bought a new position in KeyCorp during the second quarter valued at $174,000. Finally, Connable Office Inc. bought a new position in KeyCorp during the third quarter valued at $195,000. 81.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of KeyCorp (NYSE KEY) traded down $0.18 during trading hours on Friday, hitting $19.52. The company had a trading volume of 8,270,400 shares, compared to its average volume of 10,957,235. The firm has a market cap of $21,185.38, a P/E ratio of 14.92, a price-to-earnings-growth ratio of 1.79 and a beta of 1.10. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.06. KeyCorp has a 1 year low of $16.28 and a 1 year high of $20.15.
KeyCorp (NYSE:KEY) last released its earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. KeyCorp’s revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.30 EPS. sell-side analysts expect that KeyCorp will post 1.37 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th will be paid a $0.105 dividend. The ex-dividend date of this dividend is Monday, November 27th. This represents a $0.42 dividend on an annualized basis and a yield of 2.15%. This is a boost from KeyCorp’s previous quarterly dividend of $0.10. KeyCorp’s payout ratio is currently 36.84%.
In other KeyCorp news, Director Elizabeth R. Gile acquired 1,374 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were purchased at an average price of $18.23 per share, with a total value of $25,048.02. Following the completion of the acquisition, the director now directly owns 24,989 shares of the company’s stock, valued at approximately $455,549.47. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Paine III sold 46,854 shares of the company’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $18.56, for a total value of $869,610.24. Following the transaction, the insider now directly owns 110,052 shares in the company, valued at approximately $2,042,565.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,212 shares of company stock valued at $1,060,508. 0.65% of the stock is owned by company insiders.
KEY has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods restated a “buy” rating and issued a $21.00 price target on shares of KeyCorp in a report on Thursday, October 19th. CIBC restated a “buy” rating on shares of KeyCorp in a report on Friday, December 8th. ValuEngine upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Zacks Investment Research raised shares of KeyCorp from a “sell” rating to a “hold” rating in a research report on Monday, October 23rd. Finally, Oppenheimer reissued a “hold” rating on shares of KeyCorp in a research report on Friday, October 20th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $21.28.
KeyCorp Company Profile
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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