EJF Capital LLC Lowers Holdings in KeyCorp (NYSE:KEY)

EJF Capital LLC lowered its position in shares of KeyCorp (NYSE:KEY) by 8.3% in the second quarter, Holdings Channel reports. The firm owned 355,309 shares of the financial services provider’s stock after selling 32,020 shares during the period. EJF Capital LLC’s holdings in KeyCorp were worth $6,307,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of KeyCorp by 1.0% during the 2nd quarter. Bank of America Corp DE now owns 14,076,297 shares of the financial services provider’s stock worth $249,854,000 after purchasing an additional 142,938 shares during the period. Marshall Wace North America L.P. acquired a new position in shares of KeyCorp in the second quarter valued at approximately $793,000. Balyasny Asset Management LLC grew its position in shares of KeyCorp by 152.7% in the second quarter. Balyasny Asset Management LLC now owns 1,832,049 shares of the financial services provider’s stock valued at $32,519,000 after purchasing an additional 1,107,135 shares during the last quarter. Putnam Investments LLC grew its position in shares of KeyCorp by 0.6% in the second quarter. Putnam Investments LLC now owns 5,065,159 shares of the financial services provider’s stock valued at $89,907,000 after purchasing an additional 29,308 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of KeyCorp by 2.3% in the second quarter. Invesco Ltd. now owns 17,028,799 shares of the financial services provider’s stock valued at $302,262,000 after purchasing an additional 381,757 shares during the last quarter. Institutional investors and hedge funds own 80.08% of the company’s stock.

Several research firms have recently commented on KEY. Credit Suisse Group raised KeyCorp from an “average” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Wednesday, August 7th. Nomura set a $18.00 target price on KeyCorp and gave the stock a “hold” rating in a research note on Friday, July 26th. Piper Jaffray Companies set a $19.00 target price on KeyCorp and gave the stock a “buy” rating in a research note on Wednesday, September 4th. BMO Capital Markets upped their target price on KeyCorp from $19.00 to $20.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. Finally, Robert W. Baird upgraded KeyCorp from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $18.00 to $19.00 in a research note on Friday, June 21st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $23.78.

Shares of KEY traded up $0.06 during trading hours on Thursday, reaching $18.27. The stock had a trading volume of 97,146 shares, compared to its average volume of 8,253,811. KeyCorp has a 12 month low of $13.65 and a 12 month high of $20.96. The stock has a market capitalization of $18.40 billion, a PE ratio of 10.57, a PEG ratio of 3.14 and a beta of 1.28. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 0.91. The company’s 50-day moving average is $16.85 and its two-hundred day moving average is $16.98.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.44 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.44. KeyCorp had a return on equity of 12.82% and a net margin of 23.15%. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the company earned $0.44 EPS. KeyCorp’s revenue was down 2.2% compared to the same quarter last year. Equities analysts anticipate that KeyCorp will post 1.79 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th were paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 4.05%. This is a boost from KeyCorp’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Monday, August 26th. KeyCorp’s dividend payout ratio is presently 42.77%.

In related 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 transaction of $1,825,981.74. Following the completion of the transaction, 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 SEC, which can be accessed through the SEC website. Also, insider Amy G. Brady sold 10,806 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $18.02, for a total value of $194,724.12. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

About KeyCorp

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.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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