Wedmont Private Capital Makes New $244,000 Investment in KeyCorp $KEY

Wedmont Private Capital acquired a new position in KeyCorp (NYSE:KEY) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 13,216 shares of the financial services provider’s stock, valued at approximately $244,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in shares of KeyCorp by 40.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider’s stock valued at $814,756,000 after buying an additional 14,651,281 shares in the last quarter. Vanguard Group Inc. grew its holdings in KeyCorp by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider’s stock worth $2,004,273,000 after acquiring an additional 8,412,625 shares during the last quarter. Wellington Management Group LLP grew its holdings in KeyCorp by 1,142.4% during the 1st quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider’s stock worth $79,978,000 after acquiring an additional 4,599,197 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in KeyCorp during the 1st quarter worth approximately $60,194,000. Finally, Invesco Ltd. grew its holdings in KeyCorp by 19.5% during the 1st quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider’s stock worth $329,777,000 after acquiring an additional 3,363,421 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Buying and Selling

In related news, CEO Christopher M. Gorman sold 112,149 shares of the firm’s stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the sale, the chief executive officer owned 619,895 shares in the company, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Andrew J. Paine III sold 44,953 shares of the firm’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 sale, the insider owned 245,044 shares of the company’s stock, valued at $4,726,898.76. This trade represents a 15.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,102 shares of company stock worth $3,299,664. Insiders own 0.52% of the company’s stock.

KeyCorp Stock Performance

Shares of KEY stock opened at $19.06 on Monday. The firm has a 50-day moving average of $18.52 and a 200-day moving average of $16.75. The company has a market cap of $20.90 billion, a P/E ratio of -272.29, a P/E/G ratio of 0.67 and a beta of 1.15. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a one year low of $12.73 and a one year high of $20.04.

KeyCorp (NYSE:KEY) last announced its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The firm’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 earnings per share. Equities research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently commented on KEY. Wells Fargo & Company upped their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. UBS Group raised shares of KeyCorp from a “neutral” rating to a “buy” rating and upped their price objective for the company from $16.00 to $22.00 in a research note on Tuesday, July 8th. DA Davidson increased their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. Baird R W lowered shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 2nd. Finally, Robert W. Baird lowered shares of KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research note on Wednesday, July 2nd. Ten investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, KeyCorp currently has an average rating of “Hold” and an average price target of $19.39.

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.