California State Teachers Retirement System decreased its holdings in KeyCorp (NYSE:KEY) by 8.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,905,851 shares of the financial services provider’s stock after selling 170,742 shares during the period. California State Teachers Retirement System owned 0.18% of KeyCorp worth $35,868,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Financial Counselors Inc. increased its stake in shares of KeyCorp by 2.2% in the third quarter. Financial Counselors Inc. now owns 477,445 shares of the financial services provider’s stock worth $8,986,000 after purchasing an additional 10,335 shares in the last quarter. FDO Partners LLC purchased a new position in shares of KeyCorp in the third quarter worth about $581,000. Commerzbank Aktiengesellschaft FI purchased a new position in KeyCorp during the third quarter valued at approximately $268,000. KBC Group NV grew its stake in KeyCorp by 10.0% during the third quarter. KBC Group NV now owns 526,871 shares of the financial services provider’s stock valued at $9,916,000 after acquiring an additional 48,001 shares in the last quarter. Finally, Pinnacle Associates Ltd. grew its stake in KeyCorp by 8.7% during the third quarter. Pinnacle Associates Ltd. now owns 115,450 shares of the financial services provider’s stock valued at $2,173,000 after acquiring an additional 9,239 shares in the last quarter. Hedge funds and other institutional investors own 81.20% of the company’s stock.
Several brokerages recently commented on KEY. Stephens raised shares of KeyCorp from an “equal weight” rating to an “overweight” rating and set a $23.00 price objective for the company in a research note on Thursday. CIBC reaffirmed a “buy” rating on shares of KeyCorp in a research note on Friday, December 8th. Oppenheimer reaffirmed a “hold” rating on shares of KeyCorp in a research note on Friday, October 20th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.50 price objective on shares of KeyCorp in a research note on Thursday. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $22.00 price objective on shares of KeyCorp in a research note on Wednesday, September 27th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company. KeyCorp currently has a consensus rating of “Buy” and a consensus price target of $21.28.
Shares of KeyCorp (KEY) opened at $19.76 on Friday. KeyCorp has a 1 year low of $16.28 and a 1 year high of $20.15. The stock has a market cap of $21,249.90, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 1.80 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.89 and a current ratio of 0.90.
KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.35. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same period in the previous year, the business posted $0.30 earnings per share. KeyCorp’s revenue for the quarter was up 13.7% on a year-over-year basis. equities research analysts anticipate that KeyCorp will post 1.37 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th were given a dividend of $0.105 per share. The ex-dividend date of this dividend was Monday, November 27th. This is a positive change from KeyCorp’s previous quarterly dividend of $0.10. This represents a $0.42 annualized dividend and a yield of 2.13%. KeyCorp’s payout ratio is presently 36.84%.
In other news, insider Andrew J. Paine III sold 46,854 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $18.56, for a total value of $869,610.24. Following the completion of the sale, the insider now directly owns 110,052 shares in the company, valued at approximately $2,042,565.12. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Paul N. Harris sold 2,758 shares of the business’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $18.54, for a total transaction of $51,133.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,212 shares of company stock valued at $1,060,508. 0.65% of the stock is currently owned by company insiders.
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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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