Keynote Financial Services LLC Purchases New Position in KeyCorp (NYSE:KEY)

Keynote Financial Services LLC purchased a new stake in KeyCorp (NYSE:KEY) in the first quarter, HoldingsChannel reports. The institutional investor purchased 11,498 shares of the financial services provider’s stock, valued at approximately $182,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KEY. Norges Bank purchased a new stake in KeyCorp in the fourth quarter valued at $128,203,000. Ceredex Value Advisors LLC purchased a new stake in KeyCorp in the fourth quarter valued at $64,421,000. Westfield Capital Management Co. LP purchased a new stake in KeyCorp in the first quarter valued at $42,857,000. Balyasny Asset Management L.P. lifted its position in KeyCorp by 26,297.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the financial services provider’s stock valued at $39,005,000 after acquiring an additional 2,698,403 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in shares of KeyCorp by 1,051.3% in the first quarter. National Bank of Canada FI now owns 2,569,771 shares of the financial services provider’s stock valued at $38,752,000 after buying an additional 2,346,565 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

Shares of KeyCorp stock traded down $0.77 on Friday, reaching $14.45. 19,973,460 shares of the stock were exchanged, compared to its average volume of 15,912,344. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.37. The business has a fifty day moving average price of $14.54 and a two-hundred day moving average price of $14.62. KeyCorp has a 1-year low of $9.50 and a 1-year high of $16.50. The firm has a market capitalization of $13.63 billion, a PE ratio of 18.29, a PEG ratio of 0.78 and a beta of 1.26.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.01. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the business posted $0.27 earnings per share. The firm’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 fiscal year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $0.82 annualized dividend and a yield of 5.67%. KeyCorp’s payout ratio is currently 103.80%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wedbush upped their target price on shares of KeyCorp from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Royal Bank of Canada upped their target price on shares of KeyCorp from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Evercore ISI reduced their target price on shares of KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a report on Tuesday, June 25th. JPMorgan Chase & Co. reduced their target price on shares of KeyCorp from $17.50 to $16.50 and set a “neutral” rating for the company in a report on Thursday, June 27th. Finally, UBS Group cut shares of KeyCorp from a “buy” rating to a “neutral” rating and reduced their target price for the company from $16.00 to $15.00 in a report on Monday, July 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.13.

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.