Hennessy Advisors Inc. Has $1.39 Million Stock Holdings in KeyCorp (NYSE:KEY)

Hennessy Advisors Inc. lessened its holdings in KeyCorp (NYSE:KEY) by 19.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 88,000 shares of the financial services provider’s stock after selling 21,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in KeyCorp were worth $1,391,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cornerstone Wealth Management LLC raised its holdings in shares of KeyCorp by 6.3% during the fourth quarter. Cornerstone Wealth Management LLC now owns 12,337 shares of the financial services provider’s stock worth $178,000 after acquiring an additional 732 shares in the last quarter. Czech National Bank raised its holdings in shares of KeyCorp by 0.5% during the first quarter. Czech National Bank now owns 164,768 shares of the financial services provider’s stock worth $2,605,000 after acquiring an additional 788 shares in the last quarter. CWM LLC raised its holdings in shares of KeyCorp by 1.7% during the first quarter. CWM LLC now owns 50,656 shares of the financial services provider’s stock worth $801,000 after acquiring an additional 837 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of KeyCorp by 2.5% during the fourth quarter. UMB Bank n.a. now owns 34,090 shares of the financial services provider’s stock worth $491,000 after acquiring an additional 841 shares in the last quarter. Finally, AHL Investment Management Inc. raised its holdings in shares of KeyCorp by 1.8% during the fourth quarter. AHL Investment Management Inc. now owns 51,288 shares of the financial services provider’s stock worth $739,000 after acquiring an additional 900 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Performance

KEY stock traded up $0.59 during trading on Friday, reaching $14.21. 20,160,393 shares of the stock were exchanged, compared to its average volume of 14,739,741. KeyCorp has a twelve month low of $9.10 and a twelve month high of $15.86. The company has a market capitalization of $13.40 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 0.68 and a beta of 1.28. The stock has a 50 day simple moving average of $14.40 and a 200-day simple moving average of $14.45. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.72.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 18th. The financial services provider reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period last year, the business earned $0.44 earnings per share. The firm’s quarterly revenue was down 10.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that KeyCorp will post 1.13 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Tuesday, May 28th were given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.77%. The ex-dividend date was Friday, May 24th. KeyCorp’s dividend payout ratio (DPR) is presently 103.80%.

Analyst Upgrades and Downgrades

KEY has been the subject of several recent research reports. Wells Fargo & Company increased their price objective on KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Jefferies Financial Group raised their target price on KeyCorp from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, April 8th. Keefe, Bruyette & Woods raised their target price on KeyCorp from $16.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, April 5th. Argus raised their target price on KeyCorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $41.00 target price on shares of KeyCorp in a report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and an average target price of $17.38.

KeyCorp Profile

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; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.