Greenwood Capital Associates LLC Acquires 17,538 Shares of KeyCorp (NYSE:KEY)

Greenwood Capital Associates LLC grew its position in KeyCorp (NYSE:KEY - Free Report) by 21.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 100,055 shares of the financial services provider's stock after acquiring an additional 17,538 shares during the period. Greenwood Capital Associates LLC's holdings in KeyCorp were worth $1,600,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in KEY. Whittier Trust Co. grew its holdings in KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock worth $26,000 after acquiring an additional 800 shares during the period. Ethos Financial Group LLC bought a new stake in KeyCorp in the fourth quarter worth approximately $27,000. Fourth Dimension Wealth LLC bought a new stake in KeyCorp in the fourth quarter worth approximately $28,000. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp during the 4th quarter worth approximately $34,000. Finally, TCTC Holdings LLC grew its position in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after buying an additional 611 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Stock Performance

KEY traded down $0.49 during trading on Friday, hitting $15.63. 13,459,170 shares of the company traded hands, compared to its average volume of 12,950,639. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The stock's fifty day moving average is $15.34 and its 200 day moving average is $16.48. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The firm has a market cap of $17.12 billion, a P/E ratio of -52.08, a price-to-earnings-growth ratio of 0.65 and a beta of 1.09.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the business posted $0.20 EPS. As a group, equities analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 5.25%. The ex-dividend date was Tuesday, May 27th. KeyCorp's dividend payout ratio (DPR) is currently -482.35%.

KeyCorp announced that its board has authorized a share buyback program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Evercore ISI set a $17.00 target price on shares of KeyCorp in a research note on Monday, April 28th. Wells Fargo & Company restated an "overweight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Jefferies Financial Group began coverage on KeyCorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $18.00 price target on the stock. Morgan Stanley reissued an "equal weight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Eleven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $18.86.

Insider Buying and Selling

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction of $83,000.00. Following the sale, the director now owns 37,177 shares in the company, valued at $617,138.20. This represents a 11.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the sale, the insider now owns 82,523 shares in the company, valued at approximately $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by insiders.

KeyCorp Profile

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