KeyCorp (NYSE:KEY) Stake Boosted by Gotham Asset Management LLC

Gotham Asset Management LLC grew its stake in shares of KeyCorp (NYSE:KEY) by 8.4% in the 4th quarter, Holdings Channel reports. The firm owned 17,797 shares of the financial services provider’s stock after acquiring an additional 1,374 shares during the quarter. Gotham Asset Management LLC’s holdings in KeyCorp were worth $305,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Whittier Trust Co. raised its position in shares of KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after buying an additional 800 shares in the last quarter. Ethos Financial Group LLC acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $27,000. SBI Securities Co. Ltd. acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $34,000. TCTC Holdings LLC increased its position in shares of KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 611 shares in the last quarter. Finally, Optiver Holding B.V. purchased a new position in shares of KeyCorp in the fourth quarter worth approximately $42,000. 79.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Carlton L. Highsmith sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total transaction of $83,000.00. Following the completion of the transaction, the director now directly owns 37,177 shares of the company’s stock, valued at $617,138.20. This trade represents a 11.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mohit Ramani bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the purchase, the insider now directly owns 10,000 shares of the company’s stock, valued at $137,500. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 0.52% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on KEY. Wells Fargo & Company restated an “overweight” rating on shares of KeyCorp in a report on Thursday, April 17th. JPMorgan Chase & Co. reduced their target price on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Royal Bank of Canada restated an “outperform” rating on shares of KeyCorp in a research note on Thursday, April 17th. Cowen began coverage on shares of KeyCorp in a research report on Wednesday, May 14th. They set a “hold” rating on the stock. Finally, Baird R W raised shares of KeyCorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Ten research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.92.

KeyCorp Trading Down 1.3%

Shares of NYSE KEY opened at $16.28 on Wednesday. The company’s 50 day simple moving average is $15.19 and its 200 day simple moving average is $16.88. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The firm has a market capitalization of $17.84 billion, a P/E ratio of -54.26, a P/E/G ratio of 0.65 and a beta of 1.08.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same period last year, the company posted $0.20 EPS. On average, analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Tuesday, May 27th will be paid a dividend of $0.205 per share. The ex-dividend date is Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 5.04%. KeyCorp’s payout ratio is -482.35%.

KeyCorp Company 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.