Oak Thistle LLC Boosts Holdings in KeyCorp $KEY

Oak Thistle LLC raised its stake in shares of KeyCorp (NYSE:KEY) by 57.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,794 shares of the financial services provider’s stock after purchasing an additional 60,984 shares during the period. KeyCorp accounts for 0.5% of Oak Thistle LLC’s holdings, making the stock its 17th biggest position. Oak Thistle LLC’s holdings in KeyCorp were worth $3,463,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at about $476,000. Woodline Partners LP raised its position in shares of KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after buying an additional 24,627 shares during the last quarter. M&T Bank Corp raised its position in shares of KeyCorp by 5.7% in the second quarter. M&T Bank Corp now owns 42,676 shares of the financial services provider’s stock valued at $743,000 after buying an additional 2,285 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of KeyCorp in the second quarter valued at about $13,959,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after buying an additional 1,890 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on KEY. Weiss Ratings upgraded shares of KeyCorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 25th. Barclays increased their target price on shares of KeyCorp from $20.00 to $24.00 and gave the company an “equal weight” rating in a research report on Monday, January 5th. Keefe, Bruyette & Woods increased their target price on shares of KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Argus raised their price objective on shares of KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Finally, Jefferies Financial Group raised their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday, December 10th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and an average price target of $22.61.

KeyCorp Price Performance

Shares of KEY opened at $20.61 on Wednesday. KeyCorp has a 1-year low of $12.80 and a 1-year high of $23.34. The stock has a market cap of $22.11 billion, a PE ratio of 13.56, a P/E/G ratio of 0.66 and a beta of 1.07. The firm has a 50-day simple moving average of $20.81 and a two-hundred day simple moving average of $19.76. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82.

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

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were given 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 4.0%. KeyCorp’s dividend payout ratio (DPR) is currently 53.95%.

Insider Buying and Selling 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 shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the completion of the transaction, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Paine III sold 65,961 shares of KeyCorp stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the completion of the transaction, the insider owned 166,583 shares of the company’s stock, valued at $3,869,723.09. This represents a 28.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 161,506 shares of company stock worth $3,597,481 over the last three months. Insiders own 0.56% of the company’s stock.

About KeyCorp

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.