Kovitz Investment Group Partners LLC Boosts Stock Position in KeyCorp $KEY

Key Points

• Kovitz Investment Group Partners LLC significantly increased its stake in KeyCorp by 486.2%, owning over 234,000 shares valued at approximately $3.75 million.
• KeyCorp reported a quarterly earnings of $0.35 per share, slightly above analyst expectations, with year-over-year revenue growth of 20.6%.
• The firm announced a quarterly dividend of $0.205, which reflects an annualized yield of 4.5%, amid a negative payout ratio of -1,171.43%.

Kovitz Investment Group Partners LLC grew its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 486.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 234,316 shares of the financial services provider's stock after acquiring an additional 194,345 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in KeyCorp were worth $3,747,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fourth Dimension Wealth LLC bought a new position in shares of KeyCorp during the 4th quarter valued at $28,000. Zions Bancorporation National Association UT bought a new position in shares of KeyCorp during the 1st quarter valued at $28,000. FSC Wealth Advisors LLC bought a new position in shares of KeyCorp during the 1st quarter valued at $34,000. Allworth Financial LP lifted its stake in shares of 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 during the period. Finally, Optiver Holding B.V. bought a new position in shares of KeyCorp in the 4th quarter worth approximately $42,000. 79.69% of the stock is owned by institutional investors.

Insider Transactions 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 shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the sale, the insider owned 82,523 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the business'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 transaction, the director owned 82,719 shares of the company's stock, valued at approximately $1,544,363.73. The trade was a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 148,149 shares of company stock valued at $2,738,230 in the last ninety days. Corporate insiders own 0.52% of the company's stock.

KeyCorp Price Performance

KEY stock traded down $0.0750 during midday trading on Thursday, hitting $18.1450. The company's stock had a trading volume of 26,286,170 shares, compared to its average volume of 17,275,045. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $19.90 billion, a price-to-earnings ratio of -259.21, a price-to-earnings-growth ratio of 0.64 and a beta of 1.13. The company has a 50 day moving average of $17.71 and a two-hundred day moving average of $16.50.

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

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio is -1,171.43%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on KEY. Jefferies Financial Group began coverage on shares of KeyCorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price objective on the stock. Bank of America increased their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Citigroup reiterated a "neutral" rating and issued a $20.00 price objective (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Wells Fargo & Company increased their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Ten analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, KeyCorp has an average rating of "Hold" and a consensus target price of $19.39.

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.