KeyCorp $KEY Shares Bought by Ceredex Value Advisors LLC

Key Points

• Ceredex Value Advisors LLC has increased its stake in KeyCorp by 20.3%, now owning over 5.2 million shares, which forms about 1.8% of their investment portfolio.
• KeyCorp recently announced a quarterly dividend of $0.205 per share, representing a 4.3% yield, with the ex-dividend date set for September 2nd.
• KeyCorp's stock has a current market cap of $20.85 billion and reported a quarterly earnings per share of $0.35, exceeding analysts' expectations.

Ceredex Value Advisors LLC grew its stake in KeyCorp (NYSE:KEY - Free Report) by 20.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,227,770 shares of the financial services provider's stock after buying an additional 883,059 shares during the quarter. KeyCorp accounts for about 1.8% of Ceredex Value Advisors LLC's portfolio, making the stock its 4th largest holding. Ceredex Value Advisors LLC owned about 0.48% of KeyCorp worth $83,592,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Fourth Dimension Wealth LLC acquired a new stake in shares of KeyCorp during the 4th quarter valued at $28,000. Zions Bancorporation National Association UT bought a new position in KeyCorp during the first quarter worth about $28,000. FSC Wealth Advisors LLC bought a new stake in KeyCorp during the 1st quarter worth approximately $34,000. Allworth Financial LP lifted its position in shares of KeyCorp by 246.9% during the 1st quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 1,543 shares during the period. Finally, Optiver Holding B.V. bought a new position in KeyCorp during the fourth quarter valued at about $42,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on KEY shares. TD Cowen initiated coverage on shares of KeyCorp in a research report on Thursday, May 15th. They set a "hold" rating and a $18.00 price target for the company. Jefferies Financial Group began coverage on KeyCorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price target on the stock. Wells Fargo & Company increased their target price on KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Baird R W lowered KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Finally, UBS Group upgraded shares of KeyCorp from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $16.00 to $22.00 in a research report on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $19.39.

Insider Buying and Selling at KeyCorp

In related news, CEO Christopher M. Gorman sold 112,149 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the completion of the transaction, the chief executive officer owned 619,895 shares of the company's stock, valued at $11,691,219.70. The trade was a 15.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Amy G. Brady sold 19,000 shares of KeyCorp stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the sale, the insider owned 82,523 shares in the company, valued at approximately $1,327,795.07. This trade represents a 18.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,149 shares of company stock worth $2,738,230. Insiders own 0.52% of the company's stock.

KeyCorp Stock Performance

Shares of NYSE KEY traded up $0.03 during midday trading on Friday, reaching $19.38. 21,339,876 shares of the stock were exchanged, compared to its average volume of 17,612,955. The firm has a market cap of $21.25 billion, a price-to-earnings ratio of -276.91, a PEG ratio of 0.69 and a beta of 1.13. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The firm has a 50-day simple moving average of $18.15 and a two-hundred day simple moving average of $16.56. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71.

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

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 yield of 4.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio (DPR) is currently -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.