Summit Global Investments Has $316,000 Position in KeyCorp (NYSE:KEY)

Summit Global Investments reduced its position in KeyCorp (NYSE:KEY - Free Report) by 66.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,733 shares of the financial services provider's stock after selling 39,925 shares during the quarter. Summit Global Investments' holdings in KeyCorp were worth $316,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. boosted its stake in KeyCorp by 110.3% in the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 800 shares during the period. Ethos Financial Group LLC acquired a new position in KeyCorp in the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC acquired a new position in KeyCorp in the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. acquired a new position in KeyCorp in the fourth quarter valued at approximately $34,000. Finally, TCTC Holdings LLC increased its holdings in shares of KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after acquiring an additional 611 shares during the period. 79.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on KEY. Royal Bank of Canada reaffirmed an "outperform" rating on shares of KeyCorp in a report on Thursday, April 17th. Evercore ISI set a $17.00 price objective on KeyCorp in a research report on Monday, April 28th. Keefe, Bruyette & Woods reduced their price objective on KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Citigroup reiterated a "buy" rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, Barclays reduced their price objective on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Eleven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.86.

KeyCorp Stock Down 0.7%

Shares of KeyCorp stock traded down $0.12 on Wednesday, hitting $15.91. 7,582,440 shares of the company traded hands, compared to its average volume of 12,970,827. The company has a market cap of $17.44 billion, a PE ratio of -53.03, a PEG ratio of 0.65 and a beta of 1.10. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04. The company has a 50-day moving average price of $15.12 and a 200 day moving average price of $16.67. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. The firm had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same period in the prior year, the company posted $0.20 earnings per share. Sell-side analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Tuesday, May 27th will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date is Tuesday, May 27th. KeyCorp's dividend payout ratio is presently -482.35%.

KeyCorp declared that its Board of Directors has approved a share buyback plan on Thursday, March 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Mohit Ramani purchased 10,000 shares of the firm's stock in a transaction on Monday, April 21st. The stock was bought at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the completion of the acquisition, the insider now directly owns 10,000 shares of the company's stock, valued at approximately $137,500. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total transaction of $83,000.00. Following the transaction, the director now directly owns 37,177 shares of the company's stock, valued at $617,138.20. This represents a 11.85% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by corporate 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.