Covenant Partners LLC Buys 1,447 Shares of KeyCorp (NYSE:KEY)

Covenant Partners LLC raised its stake in KeyCorp (NYSE:KEY) by 14.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,742 shares of the financial services provider’s stock after buying an additional 1,447 shares during the period. Covenant Partners LLC’s holdings in KeyCorp were worth $140,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Federated Hermes Inc. boosted its position in shares of KeyCorp by 99.5% during the 2nd quarter. Federated Hermes Inc. now owns 13,961,514 shares of the financial services provider’s stock valued at $170,051,000 after purchasing an additional 6,962,569 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of KeyCorp by 35.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 11,335,379 shares of the financial services provider’s stock valued at $138,065,000 after purchasing an additional 2,947,236 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in shares of KeyCorp by 45.8% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 8,563,240 shares of the financial services provider’s stock valued at $102,159,000 after purchasing an additional 2,690,545 shares in the last quarter. Hamlin Capital Management LLC boosted its position in shares of KeyCorp by 49.2% during the 3rd quarter. Hamlin Capital Management LLC now owns 7,502,216 shares of the financial services provider’s stock valued at $89,501,000 after purchasing an additional 2,474,079 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of KeyCorp by 307.9% during the 2nd quarter. Victory Capital Management Inc. now owns 3,034,818 shares of the financial services provider’s stock valued at $36,964,000 after purchasing an additional 2,290,883 shares in the last quarter. Hedge funds and other institutional investors own 79.72% of the company’s stock.

Shares of KeyCorp stock opened at $15.33 on Friday. The company has a market cap of $14.97 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 1.95 and a beta of 1.53. KeyCorp has a 52 week low of $7.45 and a 52 week high of $20.52. The business has a 50 day moving average price of $13.41 and a 200-day moving average price of $12.46. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.80.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.68 billion. KeyCorp had a return on equity of 7.87% and a net margin of 16.38%. KeyCorp’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the business posted $0.38 earnings per share. As a group, research analysts anticipate that KeyCorp will post 1.13 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 4.83%. KeyCorp’s payout ratio is 41.11%.

Several brokerages have issued reports on KEY. BMO Capital Markets cut their price target on KeyCorp from $25.00 to $24.00 and set a “market perform” rating on the stock in a report on Wednesday, November 4th. Morgan Stanley cut their price target on KeyCorp from $15.25 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 3rd. TheStreet upgraded KeyCorp from a “c+” rating to a “b” rating in a report on Tuesday, November 3rd. Royal Bank of Canada increased their price target on KeyCorp from $14.00 to $17.00 and gave the stock an “outperform” rating in a report on Thursday, November 12th. Finally, Citigroup began coverage on KeyCorp in a report on Monday, October 12th. They issued a “neutral” rating on the stock. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. KeyCorp has a consensus rating of “Hold” and a consensus price target of $18.28.

KeyCorp Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; 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.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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