Nicholas Investment Partners LP Sells 202,516 Shares of KeyCorp (KEY)
Nicholas Investment Partners LP lessened its stake in KeyCorp (NYSE:KEY) by 58.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 146,144 shares of the financial services provider’s stock after selling 202,516 shares during the period. Nicholas Investment Partners LP’s holdings in KeyCorp were worth $2,750,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in KeyCorp by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock worth $2,087,987,000 after purchasing an additional 4,230,390 shares in the last quarter. BlackRock Inc. raised its stake in shares of KeyCorp by 2.7% during the 2nd quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock worth $1,624,654,000 after buying an additional 2,280,450 shares during the period. Boston Partners acquired a new position in shares of KeyCorp during the 3rd quarter worth approximately $356,111,000. Northern Trust Corp raised its stake in shares of KeyCorp by 1.9% during the 2nd quarter. Northern Trust Corp now owns 12,429,250 shares of the financial services provider’s stock worth $232,925,000 after buying an additional 231,558 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of KeyCorp by 0.5% during the 3rd quarter. Bessemer Group Inc. now owns 12,065,873 shares of the financial services provider’s stock worth $227,079,000 after buying an additional 64,958 shares during the period. Institutional investors and hedge funds own 81.20% of the company’s stock.
In related news, Director Elizabeth R. Gile bought 1,374 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was acquired at an average cost of $18.23 per share, with a total value of $25,048.02. Following the purchase, the director now directly owns 24,989 shares of the company’s stock, valued at $455,549.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Paul N. Harris sold 2,758 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $18.54, for a total value of $51,133.32. The disclosure for this sale can be found here. Insiders sold a total of 57,212 shares of company stock valued at $1,060,508 over the last ninety days. Corporate insiders own 0.65% of the company’s stock.
KEY has been the subject of several research analyst reports. Zacks Investment Research raised KeyCorp from a “sell” rating to a “hold” rating in a research note on Monday, October 23rd. Citigroup upped their target price on KeyCorp from $19.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, October 9th. Robert W. Baird reaffirmed a “hold” rating and set a $18.00 target price on shares of KeyCorp in a research note on Friday, October 6th. ValuEngine raised KeyCorp from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Sanford C. Bernstein raised KeyCorp from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $21.00 to $22.00 in a research note on Thursday, September 14th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $21.09.
KeyCorp (NYSE:KEY) traded down $0.30 during midday trading on Wednesday, reaching $19.33. The company had a trading volume of 9,827,700 shares, compared to its average volume of 11,000,028. KeyCorp has a 1 year low of $16.28 and a 1 year high of $19.93. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.06. The firm has a market cap of $21,110.10, a P/E ratio of 14.87, a P/E/G ratio of 1.79 and a beta of 1.10.
KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.35. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same period in the prior year, the company earned $0.30 EPS. The firm’s revenue was up 13.7% compared to the same quarter last year. research analysts predict that KeyCorp will post 1.37 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th will be paid a $0.105 dividend. The ex-dividend date of this dividend is Monday, November 27th. This is an increase from KeyCorp’s previous quarterly dividend of $0.10. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.17%. KeyCorp’s dividend payout ratio (DPR) is 36.84%.
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KeyCorp Company Profile
KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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