Diamond Hill Capital Management Inc. Reduces Holdings in KeyCorp (NYSE:KEY)

Diamond Hill Capital Management Inc. trimmed its holdings in KeyCorp (NYSE:KEY - Free Report) by 8.3% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 17,271,863 shares of the financial services provider's stock after selling 1,566,055 shares during the period. Diamond Hill Capital Management Inc. owned approximately 1.58% of KeyCorp worth $276,177,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in KEY. Fourth Dimension Wealth LLC acquired a new position in KeyCorp during the fourth quarter worth $28,000. Allworth Financial LP lifted its stake in KeyCorp by 246.9% during the first 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 acquired a new position in KeyCorp during the first quarter worth $34,000. NBC Securities Inc. lifted its stake in KeyCorp by 123,900.0% during the first 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 in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its stake in KeyCorp by 44.1% during the first quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider's stock worth $40,000 after purchasing an additional 766 shares in the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on KEY shares. Keefe, Bruyette & Woods decreased their price target on KeyCorp from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Jefferies Financial Group started 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. Wells Fargo & Company upped their price target on KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Barclays decreased their price target on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Finally, Cowen started coverage on KeyCorp in a research note on Wednesday, May 14th. They issued a "hold" rating on the stock. Twelve analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $19.24.

Insider Activity at KeyCorp

In other KeyCorp news, insider Amy G. Brady sold 19,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the transaction, the insider owned 82,523 shares of the company's stock, valued at approximately $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the transaction, the director directly owned 37,177 shares in the company, valued at approximately $617,138.20. The trade was a 11.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 136,149 shares of company stock valued at $2,503,840 over the last quarter. 0.52% of the stock is owned by insiders.

KeyCorp Stock Up 0.4%

NYSE:KEY traded up $0.07 during trading hours on Friday, hitting $18.57. The company's stock had a trading volume of 39,231,158 shares, compared to its average volume of 23,438,416. The stock has a market capitalization of $20.35 billion, a P/E ratio of -265.21, a price-to-earnings-growth ratio of 0.66 and a beta of 1.11. The stock has a fifty day moving average of $17.00 and a 200-day moving average of $16.45. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. 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 earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. KeyCorp's revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.25 earnings per share. On average, equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.42%. The ex-dividend date is Tuesday, September 2nd. KeyCorp's dividend payout ratio (DPR) is presently -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.