Impax Asset Management Group plc Has $13.40 Million Stock Position in KeyCorp (NYSE:KEY)

Impax Asset Management Group plc trimmed its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 28.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 838,173 shares of the financial services provider's stock after selling 327,367 shares during the period. Impax Asset Management Group plc owned about 0.08% of KeyCorp worth $13,402,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Sequoia Financial Advisors LLC increased its position in shares of KeyCorp by 4.8% in the first quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider's stock worth $1,101,000 after acquiring an additional 3,145 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in KeyCorp by 31.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 111,757 shares of the financial services provider's stock worth $1,787,000 after acquiring an additional 26,615 shares during the period. Steward Partners Investment Advisory LLC grew its stake in KeyCorp by 6.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 29,876 shares of the financial services provider's stock valued at $512,000 after acquiring an additional 1,775 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of KeyCorp by 4.2% during the first quarter. Asset Management One Co. Ltd. now owns 379,514 shares of the financial services provider's stock worth $6,068,000 after purchasing an additional 15,367 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in KeyCorp during the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 79.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on KEY shares. Bank of America raised their price target on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Barclays cut their price target on shares of KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Jefferies Financial Group assumed coverage on KeyCorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price target for the company. Baird R W downgraded KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Finally, Robert W. Baird cut KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price for the company. in a research report on Wednesday, July 2nd. Thirteen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, KeyCorp has a consensus rating of "Hold" and an average price target of $18.97.

KeyCorp Price Performance

KEY traded down $0.15 during midday trading on Monday, reaching $18.31. 18,624,807 shares of the company's stock were exchanged, compared to its average volume of 13,077,328. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.75. The business has a 50-day simple moving average of $16.18 and a two-hundred day simple moving average of $16.32. The firm has a market capitalization of $20.07 billion, a price-to-earnings ratio of -107.71, a price-to-earnings-growth ratio of 0.69 and a beta of 1.11. KeyCorp has a one year low of $12.73 and a one year high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. During the same quarter in the previous year, the company earned $0.20 EPS. As a group, research analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend was Tuesday, May 27th. KeyCorp's dividend payout ratio is -482.35%.

KeyCorp announced that its Board of Directors has approved a share repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at KeyCorp

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

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.