Edgestream Partners L.P. Takes Position in KeyCorp (NYSE:KEY)

Edgestream Partners L.P. purchased a new position in KeyCorp (NYSE:KEY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 180,876 shares of the financial services provider’s stock, valued at approximately $2,570,000.

Several other hedge funds have also recently made changes to their positions in KEY. Pathway Financial Advisers LLC bought a new stake in KeyCorp in the 1st quarter worth approximately $25,000. Crewe Advisors LLC purchased a new position in shares of KeyCorp in the 1st quarter worth $32,000. Quarry LP bought a new stake in shares of KeyCorp in the fourth quarter worth $38,000. Fidelis Capital Partners LLC purchased a new stake in KeyCorp during the first quarter valued at $39,000. Finally, Centerpoint Advisors LLC lifted its holdings in KeyCorp by 127.7% in the first quarter. Centerpoint Advisors LLC now owns 3,757 shares of the financial services provider’s stock valued at $59,000 after acquiring an additional 2,107 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Carlton L. Highsmith sold 10,000 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $16.21, for a total transaction of $162,100.00. Following the transaction, the director now directly owns 46,864 shares in the company, valued at approximately $759,665.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.61% of the company’s stock.

KeyCorp Stock Performance

KEY opened at $16.60 on Thursday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market capitalization of $15.65 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 0.90 and a beta of 1.25. The company has a fifty day moving average of $15.97 and a 200 day moving average of $15.07. KeyCorp has a fifty-two week low of $9.50 and a fifty-two week high of $17.20.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 earnings per share. As a group, sell-side analysts forecast that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company 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 $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date was Tuesday, August 27th. KeyCorp’s dividend payout ratio (DPR) is 103.80%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on KEY shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $18.00 price target on shares of KeyCorp in a research note on Tuesday, September 10th. Evercore ISI cut their target price on shares of KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. DA Davidson increased their price target on shares of KeyCorp from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Morgan Stanley lifted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 14th. Finally, UBS Group lowered KeyCorp from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $16.00 to $15.00 in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.65.

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.