O Shaughnessy Asset Management LLC lessened its position in shares of KeyCorp (NYSE:KEY – Free Report) by 76.0% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 509,029 shares of the financial services provider’s stock after selling 1,609,254 shares during the period. O Shaughnessy Asset Management LLC’s holdings in KeyCorp were worth $6,373,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Heritage Wealth Management LLC raised its stake in KeyCorp by 100.0% in the 4th quarter. Heritage Wealth Management LLC now owns 1,580 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 790 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in KeyCorp in the 1st quarter valued at about $38,000. Point72 Hong Kong Ltd acquired a new position in KeyCorp in the 1st quarter valued at about $40,000. CI Investments Inc. raised its stake in KeyCorp by 110.4% in the 4th quarter. CI Investments Inc. now owns 2,624 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 1,377 shares during the last quarter. Finally, Winch Advisory Services LLC acquired a new position in KeyCorp in the 1st quarter valued at about $34,000. Institutional investors and hedge funds own 77.77% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on KEY. Royal Bank of Canada cut their target price on shares of KeyCorp from $16.00 to $14.00 in a research note on Tuesday, June 13th. Wedbush boosted their target price on shares of KeyCorp from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, July 21st. The Goldman Sachs Group boosted their target price on shares of KeyCorp from $11.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, July 21st. Morgan Stanley reissued an “equal weight” rating and issued a $10.00 target price on shares of KeyCorp in a research note on Friday, July 21st. Finally, JPMorgan Chase & Co. raised shares of KeyCorp from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $11.50 to $13.50 in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.60.
Insiders Place Their Bets
In related news, Director Devina A. Rankin purchased 10,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was purchased at an average price of $11.49 per share, for a total transaction of $114,900.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $114,900. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.54% of the stock is owned by company insiders.
KeyCorp Trading Down 1.0 %
Shares of NYSE:KEY traded down $0.11 during trading on Wednesday, reaching $11.36. 650,242 shares of the stock were exchanged, compared to its average volume of 20,365,844. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.86 and a current ratio of 0.87. KeyCorp has a 12-month low of $8.53 and a 12-month high of $20.30. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 7.65, a price-to-earnings-growth ratio of 2.11 and a beta of 1.26. The firm’s 50-day moving average price is $10.96 and its 200 day moving average price is $11.61.
KeyCorp (NYSE:KEY – Get Free Report) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.05). KeyCorp had a return on equity of 13.78% and a net margin of 14.93%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that KeyCorp will post 1.27 earnings per share for the current fiscal year.
KeyCorp Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 7.22%. The ex-dividend date of this dividend is Monday, August 28th. KeyCorp’s dividend payout ratio is presently 54.67%.
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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