AlphaCrest Capital Management LLC cut its position in KeyCorp (NYSE:KEY – Get Rating) by 27.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 113,618 shares of the financial services provider’s stock after selling 44,009 shares during the period. AlphaCrest Capital Management LLC’s holdings in KeyCorp were worth $1,958,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Fieldpoint Private Securities LLC grew its holdings in KeyCorp by 677.7% during the second quarter. Fieldpoint Private Securities LLC now owns 1,431 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 1,247 shares during the period. Spectrum Management Group LLC acquired a new stake in KeyCorp during the first quarter worth about $35,000. TCTC Holdings LLC acquired a new stake in KeyCorp during the first quarter worth about $35,000. Evoke Wealth LLC grew its holdings in KeyCorp by 131.8% during the second quarter. Evoke Wealth LLC now owns 1,602 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 911 shares during the period. Finally, Brown Brothers Harriman & Co. grew its holdings in KeyCorp by 93.0% during the second quarter. Brown Brothers Harriman & Co. now owns 1,631 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 786 shares during the period. 83.58% of the stock is owned by institutional investors and hedge funds.
Insider Activity at KeyCorp
In related news, Director Carlton L. Highsmith sold 5,200 shares of the stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $17.59, for a total value of $91,468.00. Following the completion of the sale, the director now owns 64,139 shares of the company’s stock, valued at $1,128,205.01. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.54% of the company’s stock.
KeyCorp Stock Performance
KeyCorp (NYSE:KEY – Get Rating) last released its earnings results on Thursday, October 20th. The financial services provider reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.03). KeyCorp had a net margin of 26.66% and a return on equity of 15.81%. During the same period in the previous year, the company posted $0.65 earnings per share. As a group, equities research analysts anticipate that KeyCorp will post 2.13 EPS for the current fiscal year.
KeyCorp Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 29th will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.33%. The ex-dividend date of this dividend is Monday, November 28th. This is a boost from KeyCorp’s previous quarterly dividend of $0.20. KeyCorp’s dividend payout ratio (DPR) is currently 35.78%.
Wall Street Analysts Forecast Growth
Several analysts recently commented on KEY shares. TheStreet raised KeyCorp from a “c+” rating to a “b” rating in a report on Thursday, November 10th. Royal Bank of Canada lowered their price target on KeyCorp from $29.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 21st. Barclays lowered their price target on KeyCorp to $21.00 in a research report on Thursday, October 27th. Morgan Stanley lowered their price target on KeyCorp from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 5th. Finally, Piper Sandler lowered their price target on KeyCorp to $16.50 in a research report on Thursday, September 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $21.64.
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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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