HighTower Advisors LLC Has $3.99 Million Stake in KeyCorp (NYSE:KEY)

HighTower Advisors LLC lowered its stake in shares of KeyCorp (NYSE:KEY – Get Rating) by 68.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 228,602 shares of the financial services provider’s stock after selling 492,477 shares during the period. HighTower Advisors LLC’s holdings in KeyCorp were worth $3,985,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Glassman Wealth Services boosted its stake in KeyCorp by 35.4% during the 4th quarter. Glassman Wealth Services now owns 2,103 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 550 shares during the last quarter. Commerce Bank boosted its stake in KeyCorp by 0.7% during the 3rd quarter. Commerce Bank now owns 88,765 shares of the financial services provider’s stock valued at $1,422,000 after purchasing an additional 580 shares during the last quarter. Texas Permanent School Fund boosted its stake in KeyCorp by 0.4% during the 4th quarter. Texas Permanent School Fund now owns 132,557 shares of the financial services provider’s stock valued at $2,309,000 after purchasing an additional 592 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of KeyCorp by 1.0% in the 4th quarter. Louisiana State Employees Retirement System now owns 60,300 shares of the financial services provider’s stock worth $1,050,000 after buying an additional 600 shares during the last quarter. Finally, Pflug Koory LLC boosted its stake in shares of KeyCorp by 2.6% in the 4th quarter. Pflug Koory LLC now owns 24,050 shares of the financial services provider’s stock worth $419,000 after buying an additional 608 shares during the last quarter. Institutional investors and hedge funds own 82.11% of the company’s stock.

Insider Activity

In other news, insider Andrew J. Paine III purchased 75,000 shares of KeyCorp stock in a transaction dated Wednesday, May 3rd. The stock was purchased at an average cost of $9.78 per share, for a total transaction of $733,500.00. Following the transaction, the insider now directly owns 335,414 shares of the company’s stock, valued at $3,280,348.92. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Victor B. Alexander bought 8,500 shares of the business’s stock in a transaction that occurred on Friday, April 21st. The stock was bought at an average cost of $11.83 per share, for a total transaction of $100,555.00. Following the completion of the transaction, the insider now owns 117,196 shares of the company’s stock, valued at $1,386,428.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew J. Paine III bought 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was bought at an average price of $9.78 per share, with a total value of $733,500.00. Following the completion of the transaction, the insider now directly owns 335,414 shares of the company’s stock, valued at approximately $3,280,348.92. The disclosure for this purchase can be found here. Insiders bought 87,700 shares of company stock worth $883,407 in the last three months. Corporate insiders own 0.61% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on KEY shares. Keefe, Bruyette & Woods cut their target price on KeyCorp from $20.00 to $19.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 8th. DA Davidson cut their target price on KeyCorp from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, April 21st. Barclays cut their target price on KeyCorp from $24.00 to $15.00 in a research note on Wednesday, April 12th. JPMorgan Chase & Co. cut their target price on KeyCorp from $16.00 to $12.00 in a research note on Thursday, April 6th. Finally, StockNews.com assumed coverage on shares of KeyCorp in a report on Thursday. They issued a “sell” rating on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.55.

KeyCorp Trading Down 2.3 %

Shares of KEY stock opened at $9.82 on Friday. The company’s fifty day simple moving average is $11.22 and its two-hundred day simple moving average is $15.76. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.86 and a quick ratio of 0.86. KeyCorp has a 1 year low of $8.53 and a 1 year high of $20.30. The stock has a market capitalization of $9.18 billion, a price-to-earnings ratio of 5.55, a PEG ratio of 1.39 and a beta of 1.24.

KeyCorp (NYSE:KEY – Get Rating) last released its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.44 EPS for the quarter, meeting analysts’ consensus estimates of $0.44. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.80 billion. KeyCorp had a net margin of 19.09% and a return on equity of 15.63%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 EPS. As a group, analysts anticipate that KeyCorp will post 1.69 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Tuesday, May 30th will be given a dividend of $0.205 per share. The ex-dividend date is Friday, May 26th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 8.35%. KeyCorp’s dividend payout ratio (DPR) is currently 46.33%.

About KeyCorp

(Get Rating)

KeyCorp is a bank holding company, which engages in the provision of financial services. It provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients.