Smith Graham & Co. Investment Advisors LP Lowers Position in KeyCorp (NYSE:KEY)

Smith Graham & Co. Investment Advisors LP lessened its stake in KeyCorp (NYSE:KEY) by 4.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 309,580 shares of the financial services provider’s stock after selling 13,670 shares during the period. Smith Graham & Co. Investment Advisors LP’s holdings in KeyCorp were worth $5,495,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. First Trust Advisors LP raised its stake in shares of KeyCorp by 96.7% during the 2nd quarter. First Trust Advisors LP now owns 2,364,605 shares of the financial services provider’s stock worth $41,972,000 after buying an additional 1,162,270 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of KeyCorp by 10.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,000,800 shares of the financial services provider’s stock worth $17,764,000 after buying an additional 98,741 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of KeyCorp by 69.7% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 294,146 shares of the financial services provider’s stock worth $5,221,000 after buying an additional 120,790 shares during the period. Goelzer Investment Management Inc. raised its stake in shares of KeyCorp by 0.5% during the 2nd quarter. Goelzer Investment Management Inc. now owns 663,259 shares of the financial services provider’s stock worth $11,773,000 after buying an additional 3,060 shares during the period. Finally, 1ST Source Bank raised its stake in shares of KeyCorp by 45.3% during the 2nd quarter. 1ST Source Bank now owns 25,891 shares of the financial services provider’s stock worth $460,000 after buying an additional 8,075 shares during the period. Institutional investors and hedge funds own 80.36% of the company’s stock.

In other KeyCorp news, insider Andrew J. Paine III sold 99,999 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $18.26, for a total value of $1,825,981.74. Following the completion of the sale, the insider now directly owns 85,469 shares of the company’s stock, valued at approximately $1,560,663.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Amy G. Brady sold 13,238 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $17.00, for a total value of $225,046.00. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Several research analysts have recently weighed in on the company. Jefferies Financial Group upped their target price on KeyCorp from $20.00 to $18.50 and gave the stock a “buy” rating in a research note on Monday, May 6th. GMP Securities reaffirmed an “average” rating and set a $34.50 target price on shares of KeyCorp in a research note on Friday, May 17th. Zacks Investment Research downgraded KeyCorp from a “hold” rating to a “sell” rating and set a $20.00 target price for the company. in a research note on Monday, July 8th. ValuEngine raised KeyCorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 18th. Finally, Wood & Company reaffirmed an “average” rating and set a $38.00 target price on shares of KeyCorp in a research note on Thursday, May 16th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the stock. KeyCorp has a consensus rating of “Hold” and an average target price of $23.88.

Shares of KEY traded down $0.05 during midday trading on Friday, reaching $16.47. The company had a trading volume of 6,164,236 shares, compared to its average volume of 9,415,296. KeyCorp has a 1-year low of $13.65 and a 1-year high of $21.91. The company has a market capitalization of $16.57 billion, a PE ratio of 9.52, a PEG ratio of 2.82 and a beta of 1.24. The business has a 50 day simple moving average of $17.57. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 0.91.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.44. KeyCorp had a return on equity of 12.82% and a net margin of 23.15%. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same period last year, the company earned $0.44 EPS. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, sell-side analysts predict that KeyCorp will post 1.8 EPS for the current year.

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 paid a $0.185 dividend. The ex-dividend date of this dividend is Monday, August 26th. This is an increase from KeyCorp’s previous quarterly dividend of $0.17. This represents a $0.74 dividend on an annualized basis and a dividend yield of 4.49%. KeyCorp’s dividend payout ratio (DPR) is 39.31%.

KeyCorp Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.

Further Reading: What is the price-to-earnings growth (PEG) ratio?

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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