Rhino Investment Partners Inc Has $19.48 Million Stake in KeyCorp $KEY

Rhino Investment Partners Inc trimmed its holdings in shares of KeyCorp (NYSE:KEY) by 22.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,042,056 shares of the financial services provider’s stock after selling 295,000 shares during the period. KeyCorp comprises approximately 6.1% of Rhino Investment Partners Inc’s portfolio, making the stock its 4th largest position. Rhino Investment Partners Inc owned about 0.10% of KeyCorp worth $19,476,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of KEY. Capital World Investors lifted its stake in shares of KeyCorp by 169.2% in the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after acquiring an additional 13,067,326 shares during the last quarter. Norges Bank purchased a new stake in KeyCorp during the 2nd quarter valued at about $195,642,000. HoldCo Asset Management LP bought a new position in KeyCorp during the 2nd quarter worth approximately $86,995,000. JPMorgan Chase & Co. increased its stake in KeyCorp by 123.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock worth $125,122,000 after purchasing an additional 3,967,544 shares during the period. Finally, Azora Capital LP increased its stake in KeyCorp by 131.4% in the 2nd quarter. Azora Capital LP now owns 5,369,008 shares of the financial services provider’s stock worth $93,528,000 after purchasing an additional 3,049,155 shares during the period. 79.69% of the stock is owned by institutional investors.

Insider Transactions at KeyCorp

In related news, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the sale, the director directly owned 58,719 shares in the company, valued at $1,276,551.06. The trade was a 35.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew J. Paine III sold 65,961 shares of the company’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $23.23, for a total value of $1,532,274.03. Following the completion of the sale, the insider directly owned 166,583 shares in the company, valued at approximately $3,869,723.09. The trade was a 28.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 161,506 shares of company stock valued at $3,597,481. Corporate insiders own 0.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on KEY shares. Morgan Stanley increased their price objective on KeyCorp from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. JPMorgan Chase & Co. lifted their target price on shares of KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a research note on Monday, February 9th. TD Cowen reiterated a “buy” rating on shares of KeyCorp in a report on Wednesday, January 7th. Jefferies Financial Group increased their price target on shares of KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a research report on Wednesday, December 10th. Finally, Evercore raised their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and an average target price of $23.03.

KeyCorp Trading Down 1.8%

NYSE:KEY opened at $18.88 on Friday. The company has a 50-day moving average price of $21.31 and a 200-day moving average price of $19.67. The stock has a market cap of $20.57 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 0.57 and a beta of 1.08. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55. KeyCorp has a 12 month low of $12.73 and a 12 month high of $23.34.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the previous year, the company earned $0.30 earnings per share. KeyCorp’s quarterly revenue was up 131.8% on a year-over-year basis. Equities analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.3%. KeyCorp’s dividend payout ratio is 53.95%.

KeyCorp Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.