Patton Fund Management Inc. Buys Shares of 14,964 KeyCorp $KEY

Key Points

• Patton Fund Management Inc. has purchased 14,964 shares of KeyCorp valued at approximately $261,000, as disclosed in their recent SEC filing.
• KeyCorp's recent earnings report showed an EPS of **$0.35**, surpassing estimates, with revenue increasing by 20.6% year-over-year.
• The company announced a quarterly dividend of **$0.205**, yielding **4.3%**, with an ex-dividend date of September 2nd.

Patton Fund Management Inc. bought a new stake in KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 14,964 shares of the financial services provider's stock, valued at approximately $261,000.

A number of other hedge funds have also recently added to or reduced their stakes in KEY. Price T Rowe Associates Inc. MD boosted its position in KeyCorp by 40.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock valued at $814,756,000 after buying an additional 14,651,281 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of KeyCorp by 7.2% during the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock worth $2,004,273,000 after purchasing an additional 8,412,625 shares during the period. Wellington Management Group LLP lifted its holdings in shares of KeyCorp by 1,142.4% during the first quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock worth $79,978,000 after purchasing an additional 4,599,197 shares during the period. Alyeska Investment Group L.P. acquired a new position in shares of KeyCorp during the first quarter worth $60,194,000. Finally, Invesco Ltd. lifted its holdings in shares of KeyCorp by 19.5% during the first quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock worth $329,777,000 after purchasing an additional 3,363,421 shares during the period. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Trina M. Evans sold 17,000 shares of KeyCorp 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 completion of the sale, the director directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Paine III sold 44,953 shares of KeyCorp stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the sale, the insider directly owned 245,044 shares of the company's stock, valued at approximately $4,726,898.76. This trade represents a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 174,102 shares of company stock valued at $3,299,664. Corporate insiders own 0.52% of the company's stock.

KeyCorp Price Performance

KEY stock opened at $18.89 on Friday. The firm has a market cap of $20.71 billion, a price-to-earnings ratio of -269.79, a PEG ratio of 0.66 and a beta of 1.15. 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 has a 12-month low of $12.73 and a 12-month high of $20.04. The company's fifty day simple moving average is $18.58 and its 200 day simple moving average is $16.86.

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

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were paid a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, September 2nd. KeyCorp's payout ratio is -1,171.43%.

Analyst Ratings Changes

KEY has been the topic of a number of recent research reports. Citigroup reiterated a "neutral" rating and set a $20.00 price target (up previously from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Bank of America lifted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Truist Financial lifted their price target on shares of KeyCorp from $17.00 to $19.00 and gave the stock a "hold" rating in a report on Monday, July 28th. Baird R W lowered shares of 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 lifted their price target for the stock from $16.00 to $22.00 in a report on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, KeyCorp currently has an average rating of "Moderate Buy" and a consensus price target of $19.58.

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.

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