Westfield Capital Management Co. LP Decreases Position in KeyCorp $KEY

Westfield Capital Management Co. LP lowered its stake in shares of KeyCorp (NYSE:KEY) by 4.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,480,214 shares of the financial services provider’s stock after selling 198,574 shares during the quarter. Westfield Capital Management Co. LP owned 0.41% of KeyCorp worth $83,735,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in KeyCorp during the 2nd quarter worth $195,642,000. HoldCo Asset Management LP purchased a new position in shares of KeyCorp in the 2nd quarter valued at about $86,995,000. JPMorgan Chase & Co. grew its position in shares of KeyCorp by 123.4% during the second quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock worth $125,122,000 after buying an additional 3,967,544 shares in the last quarter. Azora Capital LP grew its position in shares of KeyCorp by 131.4% during the second quarter. Azora Capital LP now owns 5,369,008 shares of the financial services provider’s stock worth $93,528,000 after buying an additional 3,049,155 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of KeyCorp by 2,258.4% during the second quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock worth $44,821,000 after buying an additional 2,463,880 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Angela G. Mago sold 62,850 shares of the stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the sale, the insider directly owned 261,415 shares of the company’s stock, valued at approximately $5,633,493.25. This represents a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Trina M. Evans sold 32,695 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the transaction, the director 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 disclosure for this sale is available in the SEC filing. Insiders have sold 161,506 shares of company stock worth $3,597,481 in the last quarter. 0.52% of the stock is owned by insiders.

KeyCorp Trading Up 2.2%

Shares of KeyCorp stock opened at $21.46 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55. The company has a fifty day simple moving average of $21.50 and a 200-day simple moving average of $19.52. The stock has a market cap of $23.38 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 0.63 and a beta of 1.10. KeyCorp has a 12-month low of $12.73 and a 12-month high of $23.34.

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. The firm had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. KeyCorp’s quarterly revenue was up 131.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.30 earnings per share. On average, equities analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. KeyCorp’s dividend payout ratio is 53.95%.

Analyst Ratings Changes

KEY has been the subject of a number of recent research reports. Truist Financial lifted their price target on shares of KeyCorp from $22.00 to $23.00 and gave the stock a “hold” rating in a research note on Monday, January 26th. Stephens lifted their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. TD Cowen reiterated a “buy” rating on shares of KeyCorp in a research note on Wednesday, January 7th. Royal Bank Of Canada increased their target price on KeyCorp from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, Argus raised their price target on KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Eleven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.92.

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.