South State Corp lessened its holdings in shares of KeyCorp (NYSE:KEY) by 27.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,102 shares of the financial services provider’s stock after selling 5,391 shares during the quarter. South State Corp’s holdings in KeyCorp were worth $265,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Harel Insurance Investments & Financial Services Ltd. bought a new position in KeyCorp during the 3rd quarter worth approximately $145,000. Sun Life Financial INC lifted its holdings in KeyCorp by 80,370.0% during the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock worth $151,000 after buying an additional 8,037 shares during the last quarter. AllSquare Wealth Management LLC bought a new position in KeyCorp during the 3rd quarter worth approximately $173,000. Quantbot Technologies LP bought a new position in KeyCorp during the 2nd quarter worth approximately $174,000. Finally, Connable Office Inc. bought a new position in KeyCorp during the 3rd quarter worth approximately $195,000. Hedge funds and other institutional investors own 82.42% of the company’s stock.
Shares of KeyCorp (NYSE KEY) opened at $18.14 on Friday. The stock has a market capitalization of $19,510.00, a P/E ratio of 13.74, a P/E/G ratio of 1.65 and a beta of 1.10. KeyCorp has a 1-year low of $16.28 and a 1-year high of $19.53. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.90 and a quick ratio of 0.89.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The business’s revenue was up 13.7% on a year-over-year basis. During the same quarter last year, the business posted $0.30 EPS. analysts forecast that KeyCorp will post 1.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Tuesday, November 28th will be issued a $0.105 dividend. This is an increase from KeyCorp’s previous quarterly dividend of $0.10. The ex-dividend date is Monday, November 27th. This represents a $0.42 annualized dividend and a dividend yield of 2.32%. KeyCorp’s dividend payout ratio (DPR) is 33.04%.
A number of research analysts have commented on KEY shares. Zacks Investment Research downgraded KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, October 30th. Sanford C. Bernstein raised KeyCorp from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $21.00 to $22.00 in a report on Thursday, September 14th. Robert W. Baird reaffirmed a “hold” rating and set a $18.00 target price on shares of KeyCorp in a report on Friday, October 6th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of KeyCorp in a report on Friday, October 20th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.00 target price on shares of KeyCorp in a report on Thursday, October 19th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. KeyCorp currently has an average rating of “Hold” and a consensus target price of $20.82.
In other KeyCorp news, Director Carlton L. Highsmith sold 7,600 shares of KeyCorp stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $18.39, for a total transaction of $139,764.00. Following the sale, the director now owns 68,725 shares of the company’s stock, valued at approximately $1,263,852.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew J. Paine III sold 46,854 shares of KeyCorp stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $18.56, for a total value of $869,610.24. Following the sale, the insider now directly owns 110,052 shares in the company, valued at approximately $2,042,565.12. The disclosure for this sale can be found here. In the last three months, insiders sold 57,212 shares of company stock worth $1,060,508. Company insiders own 0.65% of the company’s stock.
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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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