Rhino Investment Partners Inc Increases Position in KeyCorp $KEY

Key Points

• Rhino Investment Partners Inc has increased its stake in KeyCorp by 162.0%, making it the company's second largest position with approximately 1,954,655 shares valued at $31.25 million.
• KeyCorp reported a 20.6% increase in quarterly revenue year-over-year, achieving earnings of $0.35 per share, exceeding analyst expectations.
• The company has announced a quarterly dividend of $0.205 per share, with a dividend yield of 4.5%, indicating a robust outlook despite a negative payout ratio.

Rhino Investment Partners Inc increased its position in KeyCorp (NYSE:KEY - Free Report) by 162.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,954,655 shares of the financial services provider's stock after buying an additional 1,208,719 shares during the period. KeyCorp comprises approximately 7.7% of Rhino Investment Partners Inc's holdings, making the stock its 2nd largest position. Rhino Investment Partners Inc owned 0.18% of KeyCorp worth $31,255,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of KEY. Fourth Dimension Wealth LLC purchased a new position in shares of KeyCorp in the fourth quarter valued at about $28,000. Zions Bancorporation National Association UT bought a new stake in KeyCorp during the 1st quarter valued at approximately $28,000. Allworth Financial LP lifted its holdings in KeyCorp by 246.9% in the 1st quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock worth $32,000 after purchasing an additional 1,543 shares in the last quarter. FSC Wealth Advisors LLC purchased a new position in KeyCorp in the 1st quarter worth approximately $34,000. Finally, NBC Securities Inc. boosted its stake in KeyCorp by 123,900.0% in the 1st quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock worth $39,000 after purchasing an additional 2,478 shares during the period. Hedge funds and other institutional investors own 79.69% of the company's stock.

Insider Activity

In related news, CEO Christopher M. Gorman sold 112,149 shares of the business's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the transaction, the chief executive officer owned 619,895 shares in the company, valued at $11,691,219.70. The trade was a 15.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the transaction, the director directly owned 82,719 shares in the company, valued at $1,544,363.73. This trade represents a 17.05% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,149 shares of company stock valued at $2,738,230. 0.52% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on KEY. Wells Fargo & Company increased their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Evercore ISI set a $17.00 price target on KeyCorp in a report on Monday, April 28th. UBS Group raised KeyCorp from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $16.00 to $22.00 in a research note on Tuesday, July 8th. Bank of America upped their price objective on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Finally, TD Cowen started coverage on shares of KeyCorp in a report on Thursday, May 15th. They issued a "hold" rating and a $18.00 target price for the company. Ten analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $19.39.

KeyCorp Trading Up 4.6%

KEY stock traded up $0.8430 during midday trading on Friday, reaching $18.9930. 37,059,878 shares of the company traded hands, compared to its average volume of 30,055,172. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84. The business has a 50 day moving average of $17.82 and a 200-day moving average of $16.50. The firm has a market capitalization of $20.83 billion, a price-to-earnings ratio of -271.33, a P/E/G ratio of 0.67 and a beta of 1.13. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. The business had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business's revenue was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share. As a group, sell-side analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Tuesday, September 2nd. KeyCorp's payout ratio is -1,171.43%.

KeyCorp Company 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.