Novare Capital Management LLC lifted its position in KeyCorp (NYSE:KEY) by 3.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 331,599 shares of the financial services provider’s stock after buying an additional 11,545 shares during the quarter. KeyCorp makes up 1.1% of Novare Capital Management LLC’s investment portfolio, making the stock its 28th largest holding. Novare Capital Management LLC’s holdings in KeyCorp were worth $6,483,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. We Are One Seven LLC purchased a new stake in shares of KeyCorp in the 4th quarter valued at $183,000. Meridian Wealth Management LLC purchased a new stake in KeyCorp during the 1st quarter worth about $196,000. Whittier Trust Co. increased its holdings in KeyCorp by 881.1% during the 1st quarter. Whittier Trust Co. now owns 11,135 shares of the financial services provider’s stock worth $218,000 after purchasing an additional 10,000 shares during the period. Jump Trading LLC purchased a new stake in KeyCorp during the 4th quarter worth about $219,000. Finally, CIBC World Markets Inc. purchased a new stake in KeyCorp during the 4th quarter worth about $224,000. Hedge funds and other institutional investors own 80.06% of the company’s stock.
Several equities research analysts have weighed in on KEY shares. Zacks Investment Research downgraded KeyCorp from a “hold” rating to a “sell” rating in a report on Tuesday, March 27th. ValuEngine downgraded KeyCorp from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. UBS upgraded KeyCorp from a “neutral” rating to a “positive” rating in a report on Tuesday, April 24th. Keefe, Bruyette & Woods restated a “buy” rating and set a $23.00 price target on shares of KeyCorp in a report on Thursday, April 5th. Finally, Deutsche Bank upgraded KeyCorp from a “hold” rating to a “buy” rating and upped their price target for the stock from $23.00 to $24.00 in a report on Thursday, January 25th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have given a buy rating to the company. KeyCorp presently has a consensus rating of “Buy” and a consensus price target of $22.45.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, April 19th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.38. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. KeyCorp had a return on equity of 11.03% and a net margin of 19.32%. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 EPS. research analysts forecast that KeyCorp will post 1.7 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Tuesday, May 29th will be given a $0.12 dividend. The ex-dividend date is Friday, May 25th. This is a boost from KeyCorp’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.37%. KeyCorp’s dividend payout ratio is 30.88%.
In related news, insider Robert A. Deangelis sold 25,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $21.11, for a total value of $527,750.00. Following the completion of the sale, the insider now directly owns 175,053 shares of the company’s stock, valued at approximately $3,695,368.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Edward J. Burke sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $19.83, for a total value of $198,300.00. Following the completion of the sale, the insider now directly owns 126,526 shares of the company’s stock, valued at $2,509,010.58. The disclosure for this sale can be found here. 0.67% of the stock is owned by corporate insiders.
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, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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