Amalgamated Bank Lowers Stake in KeyCorp (NYSE:KEY)

Amalgamated Bank lowered its stake in shares of KeyCorp (NYSE:KEY) by 5.4% in the second quarter, Holdings Channel reports. The institutional investor owned 302,978 shares of the financial services provider’s stock after selling 17,419 shares during the period. Amalgamated Bank’s holdings in KeyCorp were worth $4,305,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of KEY. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of KeyCorp by 81.5% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21,684 shares of the financial services provider’s stock valued at $312,000 after purchasing an additional 9,737 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of KeyCorp during the 4th quarter valued at $98,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of KeyCorp by 15.5% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 123,736 shares of the financial services provider’s stock valued at $1,782,000 after purchasing an additional 16,625 shares during the last quarter. US Bancorp DE lifted its holdings in shares of KeyCorp by 4.2% during the 4th quarter. US Bancorp DE now owns 396,336 shares of the financial services provider’s stock valued at $5,707,000 after purchasing an additional 16,147 shares during the last quarter. Finally, Commerce Bank lifted its holdings in shares of KeyCorp by 2.1% during the 4th quarter. Commerce Bank now owns 91,286 shares of the financial services provider’s stock valued at $1,315,000 after purchasing an additional 1,890 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Price Performance

NYSE:KEY opened at $17.12 on Friday. KeyCorp has a 52 week low of $9.50 and a 52 week high of $17.39. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.37. The stock has a market capitalization of $16.14 billion, a PE ratio of 21.67, a price-to-earnings-growth ratio of 0.90 and a beta of 1.25. The stock’s 50-day moving average price is $16.05 and its 200-day moving average price is $15.10.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 18th. The financial services provider reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the firm earned $0.27 EPS. The company’s quarterly revenue was down 4.3% on a year-over-year basis. As a group, equities analysts expect that KeyCorp will post 1.09 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.79%. The ex-dividend date was Tuesday, August 27th. KeyCorp’s payout ratio is 103.80%.

Insider Buying and Selling

In related news, Director Carlton L. Highsmith sold 10,000 shares of KeyCorp stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $16.21, for a total value of $162,100.00. Following the sale, the director now directly owns 46,864 shares in the company, valued at approximately $759,665.44. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.61% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on KEY shares. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $18.00 target price on shares of KeyCorp in a research note on Tuesday, September 10th. Citigroup raised their target price on KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. JPMorgan Chase & Co. reduced their target price on KeyCorp from $17.50 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, June 27th. DA Davidson raised their target price on KeyCorp from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Evercore ISI reduced their target price on KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.65.

About KeyCorp

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.