Washington Capital Management Inc. Lowers Stake in KeyCorp $KEY

Washington Capital Management Inc. lowered its position in shares of KeyCorp (NYSE:KEY) by 7.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 79,530 shares of the financial services provider’s stock after selling 6,300 shares during the period. KeyCorp accounts for 1.0% of Washington Capital Management Inc.’s investment portfolio, making the stock its 14th largest holding. Washington Capital Management Inc.’s holdings in KeyCorp were worth $1,385,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Dakota Wealth Management lifted its holdings in shares of KeyCorp by 2.2% in the second quarter. Dakota Wealth Management now owns 27,374 shares of the financial services provider’s stock worth $477,000 after buying an additional 586 shares in the last quarter. AlphaCore Capital LLC lifted its holdings in shares of KeyCorp by 5.2% in the first quarter. AlphaCore Capital LLC now owns 13,238 shares of the financial services provider’s stock worth $212,000 after buying an additional 651 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in shares of KeyCorp by 34.0% in the first quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider’s stock worth $42,000 after buying an additional 671 shares in the last quarter. Voya Investment Management LLC lifted its holdings in shares of KeyCorp by 0.3% in the first quarter. Voya Investment Management LLC now owns 276,264 shares of the financial services provider’s stock worth $4,417,000 after buying an additional 713 shares in the last quarter. Finally, Centaurus Financial Inc. lifted its holdings in shares of KeyCorp by 11.2% in the fourth quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider’s stock worth $124,000 after buying an additional 728 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Trading Up 0.4%

KEY stock opened at $18.89 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The stock has a market capitalization of $20.71 billion, a price-to-earnings ratio of -269.79, a price-to-earnings-growth ratio of 0.66 and a beta of 1.15. The firm’s fifty day simple moving average is $18.58 and its two-hundred day simple moving average is $16.87.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.81 billion. During the same quarter in the previous year, the business posted $0.25 earnings per share. The business’s revenue was up 20.6% compared to the same quarter last year. As a group, analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. KeyCorp’s payout ratio is -1,171.43%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of KeyCorp from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Bank of America upped their price target on shares of KeyCorp from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Citigroup reaffirmed a “neutral” rating and set a $20.00 price target (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Jefferies Financial Group decreased their price target on shares of KeyCorp from $21.00 to $20.00 and set a “hold” rating on the stock in a research note on Wednesday, September 24th. Finally, UBS Group raised shares of KeyCorp from a “neutral” rating to a “buy” rating and upped their price target for the company from $16.00 to $22.00 in a research note on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.58.

Insider Transactions at KeyCorp

In other news, Director Trina M. Evans sold 17,000 shares of the company’s stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $18.67, for a total value of $317,390.00. Following the transaction, the director directly owned 82,719 shares in the company, valued at approximately $1,544,363.73. This represents a 17.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Paine III sold 44,953 shares of the company’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the transaction, the insider owned 245,044 shares in the company, valued at approximately $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 174,102 shares of company stock worth $3,299,664. Insiders own 0.52% of the company’s stock.

About KeyCorp

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.