Prana Capital Management LP Increases Stake in KeyCorp $KEY

Prana Capital Management LP raised its stake in KeyCorp (NYSE:KEY) by 1.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,135,751 shares of the financial services provider’s stock after purchasing an additional 72,261 shares during the quarter. KeyCorp accounts for 2.6% of Prana Capital Management LP’s portfolio, making the stock its 13th biggest position. Prana Capital Management LP owned 0.38% of KeyCorp worth $77,297,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Marshall Wace LLP boosted its position in KeyCorp by 2,258.4% during the 2nd quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock valued at $44,821,000 after buying an additional 2,463,880 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of KeyCorp by 2.7% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider’s stock valued at $37,641,000 after acquiring an additional 53,682 shares during the last quarter. Synovus Financial Corp bought a new position in shares of KeyCorp during the third quarter valued at about $2,253,000. Prudential Financial Inc. boosted its holdings in shares of KeyCorp by 9.9% during the second quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock worth $10,018,000 after purchasing an additional 51,705 shares during the period. Finally, HoldCo Asset Management LP purchased a new stake in shares of KeyCorp during the second quarter worth about $86,995,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insider Activity

In other news, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the completion of the transaction, the director directly owned 58,719 shares in the company, valued at approximately $1,276,551.06. This trade represents a 35.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Paine III sold 65,961 shares of the company’s stock in a transaction that occurred 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 owned 166,583 shares in the company, valued at $3,869,723.09. The trade was a 28.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 161,506 shares of company stock worth $3,597,481. Insiders own 0.52% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Robert W. Baird set a $19.00 price target on KeyCorp and gave the company a “neutral” rating in a report on Tuesday, February 24th. Argus increased their price objective on KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. JPMorgan Chase & Co. lifted their price objective on KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, February 9th. The Goldman Sachs Group boosted their target price on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods upped their target price on KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Twelve research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.03.

KeyCorp Stock Performance

Shares of KEY stock opened at $19.10 on Wednesday. The company’s fifty day moving average price is $21.21 and its 200-day moving average price is $19.67. The stock has a market cap of $20.81 billion, a PE ratio of 12.56, a price-to-earnings-growth 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 issued its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.95 billion. During the same period last year, the business earned $0.30 EPS. KeyCorp’s quarterly revenue was up 131.8% compared to the same quarter last year. On average, equities analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were paid a dividend of $0.205 per share. The ex-dividend date of this dividend 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 (DPR) is currently 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.