Black Maple Capital Management LP Decreases Stock Holdings in KeyCorp $KEY

Black Maple Capital Management LP lessened its stake in KeyCorp (NYSE:KEY) by 63.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 85,378 shares of the financial services provider’s stock after selling 145,100 shares during the quarter. KeyCorp makes up about 0.7% of Black Maple Capital Management LP’s portfolio, making the stock its 24th biggest holding. Black Maple Capital Management LP’s holdings in KeyCorp were worth $1,487,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. Activest Wealth Management grew its position in shares of KeyCorp by 8,775.0% in the second quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 1,404 shares during the period. Tompkins Financial Corp acquired a new position in shares of KeyCorp during the 2nd quarter worth about $26,000. Elevation Point Wealth Partners LLC purchased a new position in KeyCorp in the 2nd quarter valued at about $36,000. Concord Wealth Partners boosted its holdings in KeyCorp by 71.5% in the 2nd quarter. Concord Wealth Partners now owns 2,183 shares of the financial services provider’s stock worth $38,000 after buying an additional 910 shares during the last quarter. Finally, Fourth Dimension Wealth LLC boosted its holdings in KeyCorp by 45.5% in the 2nd quarter. Fourth Dimension Wealth LLC now owns 2,400 shares of the financial services provider’s stock worth $42,000 after buying an additional 750 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Cowen raised KeyCorp from a “hold” rating to a “buy” rating in a report on Tuesday. DA Davidson boosted their price target on KeyCorp from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday. Keefe, Bruyette & Woods increased their price objective on KeyCorp from $20.50 to $21.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Jefferies Financial Group lifted their target price on shares of KeyCorp from $18.00 to $19.00 and gave the stock a “hold” rating in a research note on Monday, December 1st. Finally, The Goldman Sachs Group reaffirmed a “positive” rating on shares of KeyCorp in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and a consensus target price of $20.91.

KeyCorp Stock Performance

NYSE KEY opened at $20.62 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The stock’s fifty day moving average is $18.07 and its two-hundred day moving average is $17.97. The firm has a market capitalization of $22.54 billion, a P/E ratio of 25.46, a price-to-earnings-growth ratio of 0.62 and a beta of 1.11. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.84.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.87 billion. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The company’s revenue for the quarter was up 172.7% on a year-over-year basis. During the same period last year, the company earned ($0.47) EPS. On average, research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.0%. The ex-dividend date is Tuesday, December 2nd. KeyCorp’s payout ratio is presently 101.23%.

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.