Westfield Capital Management Co. LP Buys New Shares in KeyCorp (NYSE:KEY)

Westfield Capital Management Co. LP purchased a new stake in shares of KeyCorp (NYSE:KEY) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,710,757 shares of the financial services provider’s stock, valued at approximately $42,857,000. Westfield Capital Management Co. LP owned about 0.29% of KeyCorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of KEY. Intech Investment Management LLC acquired a new position in shares of KeyCorp during the 1st quarter worth approximately $207,000. Picton Mahoney Asset Management increased its position in shares of KeyCorp by 2.9% during the 1st quarter. Picton Mahoney Asset Management now owns 575,401 shares of the financial services provider’s stock worth $9,098,000 after purchasing an additional 16,415 shares during the last quarter. HBK Sorce Advisory LLC acquired a new position in shares of KeyCorp during the 1st quarter worth approximately $167,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of KeyCorp by 14.6% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,078,792 shares of the financial services provider’s stock worth $17,056,000 after purchasing an additional 137,037 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of KeyCorp by 0.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 1,082,272 shares of the financial services provider’s stock worth $17,111,000 after purchasing an additional 8,315 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of KeyCorp stock traded up $0.03 during trading on Friday, reaching $15.59. 20,292,867 shares of the company’s stock were exchanged, compared to its average volume of 14,255,816. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.87 and a current ratio of 0.85. KeyCorp has a 1-year low of $9.50 and a 1-year high of $16.47. The company has a market cap of $14.70 billion, a P/E ratio of 19.73, a PEG ratio of 0.81 and a beta of 1.26. The firm’s 50-day moving average price is $14.39 and its 200 day moving average price is $14.52.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the prior year, the firm earned $0.27 EPS. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, research analysts anticipate that KeyCorp will post 1.12 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th will be issued a $0.205 dividend. The ex-dividend date is Tuesday, August 27th. This represents a $0.82 dividend on an annualized basis and a yield of 5.26%. KeyCorp’s payout ratio is presently 103.80%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Evercore ISI lowered their price target on KeyCorp from $17.50 to $16.50 and set an “outperform” rating on the stock in a research report on Tuesday, June 25th. Argus boosted their target price on KeyCorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Wedbush boosted their target price on KeyCorp from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday. Wells Fargo & Company boosted their target price on KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, UBS Group lowered KeyCorp from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $16.00 to $15.00 in a report on Monday, July 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.06.

KeyCorp Profile

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; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.