Alps Advisors Inc. Cuts Stock Holdings in KeyCorp $KEY

Alps Advisors Inc. lowered its position in shares of KeyCorp (NYSE:KEY) by 14.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,287,172 shares of the financial services provider’s stock after selling 214,354 shares during the period. Alps Advisors Inc. owned approximately 0.12% of KeyCorp worth $24,057,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Marshall Wace LLP raised its stake in KeyCorp by 2,258.4% during the 2nd quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock valued at $44,821,000 after buying an additional 2,463,880 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of KeyCorp by 23.2% in the second quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock worth $1,867,000 after acquiring an additional 20,228 shares during the period. Prudential Financial Inc. grew its holdings in shares of KeyCorp by 9.9% in the second quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock worth $10,018,000 after acquiring an additional 51,705 shares during the period. Korea Investment CORP increased its position in KeyCorp by 175.5% during the second quarter. Korea Investment CORP now owns 447,252 shares of the financial services provider’s stock valued at $7,791,000 after acquiring an additional 284,928 shares during the last quarter. Finally, HoldCo Asset Management LP bought a new position in KeyCorp in the second quarter valued at about $86,995,000. 79.69% of the stock is owned by institutional investors.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 62,850 shares of the stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the completion of the transaction, the insider owned 261,415 shares of the company’s stock, valued at $5,633,493.25. This represents a 19.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Trina M. Evans sold 32,695 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the transaction, the director owned 58,719 shares of the company’s stock, valued at approximately $1,276,551.06. The trade was a 35.77% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.52% of the stock is owned by insiders.

KeyCorp Stock Up 2.4%

Shares of KEY stock opened at $23.24 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. KeyCorp has a one year low of $12.73 and a one year high of $23.29. The company’s fifty day moving average price is $20.95 and its 200-day moving average price is $19.17. The company has a market capitalization of $25.40 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 0.56 and a beta of 1.10.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The business’s quarterly revenue was up 131.8% on a year-over-year basis. During the same period last year, the firm earned $0.30 earnings per share. Sell-side analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s payout ratio is currently 53.95%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on KEY. Royal Bank Of Canada boosted their price target on KeyCorp from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Wells Fargo & Company set a $18.00 target price on shares of KeyCorp and gave the company an “underperform” rating in a research report on Tuesday, January 6th. The Goldman Sachs Group upped their target price on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, January 21st. DA Davidson set a $25.00 price target on shares of KeyCorp in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Twelve equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $22.90.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.