Elizabeth Park Capital Advisors Ltd. reduced its holdings in KeyCorp (NYSE:KEY) by 22.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 625,776 shares of the financial services provider’s stock after selling 183,000 shares during the quarter. KeyCorp comprises 3.3% of Elizabeth Park Capital Advisors Ltd.’s investment portfolio, making the stock its 16th largest position. Elizabeth Park Capital Advisors Ltd. owned approximately 0.06% of KeyCorp worth $12,228,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of KEY. The Manufacturers Life Insurance Company grew its position in shares of KeyCorp by 61.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 13,628,892 shares of the financial services provider’s stock worth $266,444,000 after buying an additional 5,205,496 shares during the last quarter. Millennium Management LLC grew its position in shares of KeyCorp by 136.3% in the 1st quarter. Millennium Management LLC now owns 7,484,951 shares of the financial services provider’s stock worth $146,331,000 after buying an additional 4,317,598 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of KeyCorp by 38.0% in the 1st quarter. Thrivent Financial for Lutherans now owns 8,108,123 shares of the financial services provider’s stock worth $158,514,000 after buying an additional 2,231,623 shares during the last quarter. FIL Ltd bought a new stake in shares of KeyCorp in the 1st quarter worth approximately $42,919,000. Finally, OppenheimerFunds Inc. grew its position in shares of KeyCorp by 46.0% in the 1st quarter. OppenheimerFunds Inc. now owns 4,712,551 shares of the financial services provider’s stock worth $92,131,000 after buying an additional 1,483,690 shares during the last quarter. Hedge funds and other institutional investors own 80.62% of the company’s stock.

KEY has been the topic of a number of recent analyst reports. Morgan Stanley lifted their price objective on KeyCorp from $24.50 to $25.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 24th. Vining Sparks reiterated a “buy” rating and issued a $25.00 price objective on shares of KeyCorp in a research report on Thursday, July 19th. Zacks Investment Research cut KeyCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. Susquehanna Bancshares upgraded KeyCorp from a “neutral” rating to a “positive” rating and raised their target price for the company from $24.00 to $25.00 in a research note on Tuesday, April 24th. Finally, Mizuho raised their target price on KeyCorp from $25.00 to $25.50 and gave the company an “overweight” rating in a research note on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $23.24.

In other KeyCorp news, insider Edward J. Burke sold 46,360 shares of KeyCorp stock in a transaction on Friday, August 10th. The stock was sold at an average price of $21.32, for a total transaction of $988,395.20. Following the completion of the transaction, the insider now owns 89,128 shares in the company, valued at $1,900,208.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director H James Dallas acquired 9,610 shares of the stock in a transaction on Monday, July 23rd. The shares were bought at an average price of $20.81 per share, with a total value of $199,984.10. Following the purchase, the director now directly owns 98,791 shares of the company’s stock, valued at approximately $2,055,840.71. The disclosure for this purchase can be found here. 0.67% of the stock is currently owned by insiders.

KEY opened at $21.59 on Monday. The company has a market capitalization of $22.49 billion, a PE ratio of 15.88, a PEG ratio of 0.78 and a beta of 1.00. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.89 and a quick ratio of 0.88. KeyCorp has a 52 week low of $16.28 and a 52 week high of $22.40.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 19th. The financial services provider reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.02. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.60 billion. KeyCorp had a return on equity of 11.73% and a net margin of 20.05%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 EPS. research analysts expect that KeyCorp will post 1.74 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Tuesday, August 28th will be paid a dividend of $0.17 per share. This is a boost from KeyCorp’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Monday, August 27th. This represents a $0.68 dividend on an annualized basis and a yield of 3.15%. KeyCorp’s payout ratio is presently 35.29%.

KeyCorp declared that its Board of Directors has initiated a share buyback plan on Thursday, June 28th that authorizes the company to buyback $1.23 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

KeyCorp Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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