Federated Hermes Inc. Sells 38,153 Shares of KeyCorp (NYSE:KEY)

Federated Hermes Inc. reduced its stake in KeyCorp (NYSE:KEY) by 93.0% during the second quarter, Holdings Channel.com reports. The fund owned 2,861 shares of the financial services provider’s stock after selling 38,153 shares during the quarter. Federated Hermes Inc.’s holdings in KeyCorp were worth $41,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Quest Partners LLC purchased a new stake in KeyCorp in the fourth quarter worth about $98,000. Cambridge Investment Research Advisors Inc. lifted its position in KeyCorp by 15.5% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 123,736 shares of the financial services provider’s stock valued at $1,782,000 after acquiring an additional 16,625 shares during the last quarter. US Bancorp DE grew its holdings in KeyCorp by 4.2% in the fourth quarter. US Bancorp DE now owns 396,336 shares of the financial services provider’s stock worth $5,707,000 after purchasing an additional 16,147 shares during the last quarter. Commerce Bank increased its position in shares of KeyCorp by 2.1% during the fourth quarter. Commerce Bank now owns 91,286 shares of the financial services provider’s stock worth $1,315,000 after purchasing an additional 1,890 shares in the last quarter. Finally, TD Asset Management Inc lifted its holdings in shares of KeyCorp by 7.8% during the 4th quarter. TD Asset Management Inc now owns 385,341 shares of the financial services provider’s stock valued at $5,549,000 after purchasing an additional 27,815 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at KeyCorp

In other news, Director Carlton L. Highsmith sold 10,000 shares of KeyCorp stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $16.21, for a total transaction of $162,100.00. Following the sale, the director now owns 46,864 shares of the company’s stock, valued at approximately $759,665.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.61% of the stock is currently owned by company insiders.

KeyCorp Price Performance

KeyCorp stock opened at $16.38 on Thursday. The company has a fifty day simple moving average of $16.09 and a 200-day simple moving average of $15.13. 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 firm has a market capitalization of $15.45 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 0.93 and a beta of 1.25. KeyCorp has a 52-week low of $9.50 and a 52-week high of $17.39.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company posted $0.27 EPS. The business’s revenue was down 4.3% on a year-over-year basis. On average, equities analysts anticipate that KeyCorp will post 1.1 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.01%. The ex-dividend date of this dividend was Tuesday, August 27th. KeyCorp’s dividend payout ratio (DPR) is presently 103.80%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on KEY shares. Jefferies Financial Group upped their price objective on shares of KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a report on Monday, August 19th. Morgan Stanley upped their price target on shares of KeyCorp from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, August 14th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Tuesday, September 10th. DA Davidson raised their target price on KeyCorp from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, UBS Group downgraded KeyCorp from a “buy” rating to a “neutral” rating and decreased their price target for the company from $16.00 to $15.00 in a report on Monday, July 8th. 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.71.

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.