Manning & Napier Group LLC decreased its holdings in KeyCorp (NYSE:KEY) by 2.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 424,595 shares of the financial services provider’s stock after selling 11,372 shares during the period. Manning & Napier Group LLC’s holdings in KeyCorp were worth $7,573,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in KEY. Manchester Financial Inc. purchased a new stake in shares of KeyCorp in the second quarter worth about $46,000. Coastal Capital Group Inc. purchased a new stake in shares of KeyCorp in the second quarter worth about $50,000. CSat Investment Advisory L.P. lifted its position in shares of KeyCorp by 202.9% in the second quarter. CSat Investment Advisory L.P. now owns 3,087 shares of the financial services provider’s stock worth $55,000 after buying an additional 2,068 shares in the last quarter. Ossiam purchased a new stake in shares of KeyCorp in the second quarter worth about $56,000. Finally, Cornerstone Advisors Inc. lifted its position in shares of KeyCorp by 29.0% in the second quarter. Cornerstone Advisors Inc. now owns 3,533 shares of the financial services provider’s stock worth $63,000 after buying an additional 795 shares in the last quarter. 80.08% of the stock is owned by hedge funds and other institutional investors.
In other KeyCorp news, insider Andrew J. Paine III sold 99,999 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 85,469 shares in the company, valued at $1,560,663.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Amy G. Brady sold 10,806 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were 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. Corporate insiders own 0.08% of the company’s stock.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, meeting 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 for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the business posted $0.44 earnings per share. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. Equities research analysts expect that KeyCorp will post 1.78 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th were given a dividend of $0.185 per share. The ex-dividend date of this dividend was 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 yield of 4.25%. KeyCorp’s dividend payout ratio is 42.77%.
A number of research firms recently commented on KEY. Zacks Investment Research downgraded KeyCorp from a “hold” rating to a “sell” rating and set a $20.00 target price on the stock. in a research report on Monday, July 8th. ValuEngine upgraded KeyCorp from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. BMO Capital Markets boosted their target price on KeyCorp from $19.00 to $20.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 24th. UBS Group boosted their target price on KeyCorp from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Finally, Robert W. Baird upgraded KeyCorp from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $18.00 to $19.00 in a research report on Friday, June 21st. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $23.58.
KeyCorp Company 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.
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