Maltese Capital Management LLC Cuts Holdings in KeyCorp $KEY

Key Points

• Maltese Capital Management cut its KeyCorp stake by 33.9% in the fourth quarter, selling 95,000 shares and ending with 185,000 shares valued at about $3.82 million.
• KeyCorp reported quarterly earnings of $0.44 per share, topping estimates, while revenue of $1.95 billion also came in above expectations and rose 10.2% year over year.
• The bank’s board approved a $3 billion share repurchase program and the company recently paid a quarterly dividend of $0.205 per share, equal to a 3.7% annualized yield.

Maltese Capital Management LLC lowered its position in KeyCorp (NYSE:KEY - Free Report) by 33.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 185,000 shares of the financial services provider's stock after selling 95,000 shares during the period. Maltese Capital Management LLC's holdings in KeyCorp were worth $3,818,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Brighton Jones LLC acquired a new position in KeyCorp in the 4th quarter worth about $476,000. Woodline Partners LP grew its holdings in KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock valued at $1,346,000 after purchasing an additional 24,627 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock valued at $90,000 after buying an additional 1,890 shares in the last quarter. Cresset Asset Management LLC raised its stake in shares of KeyCorp by 6.5% during the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock worth $263,000 after buying an additional 926 shares during the period. Finally, Federated Hermes Inc. acquired a new position in shares of KeyCorp during the 2nd quarter worth approximately $186,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.56% of the company's stock.

KeyCorp Stock Down 1.3%

NYSE KEY opened at $22.40 on Tuesday. The business has a fifty day moving average price of $21.58 and a 200 day moving average price of $21.01. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $24.29 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.72 and a beta of 1.03. KeyCorp has a one year low of $15.66 and a one year high of $23.34.

KeyCorp (NYSE:KEY - Get Free Report) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.03. The company had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 EPS. Research analysts anticipate that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp announced that its board has approved a stock repurchase plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp's dividend payout ratio is currently 50.31%.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on shares of KeyCorp from $24.50 to $22.50 and set a "neutral" rating on the stock in a research note on Tuesday, April 7th. Royal Bank Of Canada upped their price objective on shares of KeyCorp from $22.00 to $24.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Evercore reaffirmed an "outperform" rating on shares of KeyCorp in a report on Tuesday, April 21st. Weiss Ratings raised shares of KeyCorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Finally, The Goldman Sachs Group upped their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Twelve investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of "Moderate Buy" and an average price target of $44.13.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank's offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company's product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.

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