Connor Clark & Lunn Investment Management Ltd. Takes $582,000 Position in KeyCorp (NYSE:KEY)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of KeyCorp (NYSE:KEY) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 34,742 shares of the financial services provider’s stock, valued at approximately $582,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC acquired a new position in KeyCorp during the 1st quarter worth approximately $25,000. Wolff Wiese Magana LLC grew its holdings in KeyCorp by 285.5% during the third quarter. Wolff Wiese Magana LLC now owns 1,542 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 1,142 shares during the period. American Capital Advisory LLC purchased a new position in KeyCorp in the third quarter worth $28,000. Catalyst Capital Advisors LLC acquired a new stake in KeyCorp in the third quarter valued at $35,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of KeyCorp during the 3rd quarter worth $38,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KEY. Evercore ISI increased their price target on shares of KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Royal Bank of Canada increased their target price on shares of KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Morgan Stanley boosted their price target on KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 14th. Wedbush raised their price objective on KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. Finally, Baird R W downgraded KeyCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and an average target price of $18.26.

Insider Buying and Selling

In other KeyCorp news, insider Angela G. Mago sold 15,011 shares of KeyCorp stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total value of $294,065.49. Following the transaction, the insider now owns 234,582 shares in the company, valued at $4,595,461.38. This trade represents a 6.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total transaction of $154,260.00. Following the sale, the director now directly owns 37,864 shares of the company’s stock, valued at $648,988.96. This represents a 19.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by company insiders.

KeyCorp Price Performance

NYSE:KEY opened at $19.48 on Friday. The firm has a market cap of $19.31 billion, a price-to-earnings ratio of 1,948.00, a price-to-earnings-growth ratio of 1.07 and a beta of 1.24. KeyCorp has a 12-month low of $12.22 and a 12-month high of $20.04. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.09. The company’s 50-day moving average is $17.83 and its two-hundred day moving average is $16.11.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.03. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.59 billion. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. Research analysts expect that KeyCorp will post 1.09 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend is Tuesday, December 3rd. KeyCorp’s dividend payout ratio is currently 8,200.00%.

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.