Waycross Partners LLC Purchases New Holdings in KeyCorp $KEY

Key Points

• Waycross Partners LLC acquired a new stake in KeyCorp, purchasing 22,731 shares valued at around $396,000 during the second quarter of the year.
• KeyCorp reported a quarterly EPS of $0.35, exceeding analyst expectations, and a revenue increase of 20.6% compared to the prior year.
• The company recently declared a quarterly dividend of $0.205 per share, representing an annualized yield of 4.4%, despite a notably high payout ratio.

Waycross Partners LLC purchased a new stake in shares of KeyCorp (NYSE:KEY - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 22,731 shares of the financial services provider's stock, valued at approximately $396,000.

Other hedge funds also recently added to or reduced their stakes in the company. Tompkins Financial Corp bought a new position in KeyCorp during the 2nd quarter valued at about $26,000. Zions Bancorporation National Association UT purchased a new stake in KeyCorp in the 1st quarter valued at about $28,000. FSC Wealth Advisors LLC purchased a new stake in KeyCorp in the 1st quarter valued at about $34,000. Allworth Financial LP boosted its position in KeyCorp by 246.9% in the 1st quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after buying an additional 1,543 shares during the period. Finally, NBC Securities Inc. boosted its position in KeyCorp by 123,900.0% in the 1st quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock valued at $39,000 after buying an additional 2,478 shares during the period. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of KEY opened at $18.74 on Wednesday. The company has a 50 day moving average price of $18.55 and a 200-day moving average price of $16.79. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The stock has a market capitalization of $20.54 billion, a PE ratio of -267.66, a PEG ratio of 0.66 and a beta of 1.15. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY - Get Free Report) last announced 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 net margin of 1.49% and a return on equity of 9.65%. The firm had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.81 billion. During the same quarter in the prior year, the company earned $0.25 EPS. The company's revenue was up 20.6% compared to the same quarter last year. Equities analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Tuesday, September 2nd. KeyCorp's payout ratio is -1,171.43%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. DA Davidson boosted their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Citigroup reissued a "neutral" rating and issued a $20.00 price objective (up from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. Wells Fargo & Company boosted their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, UBS Group raised shares of KeyCorp from a "neutral" rating to a "buy" rating and upped their price target for the stock from $16.00 to $22.00 in a research report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, KeyCorp has a consensus rating of "Moderate Buy" and a consensus target price of $19.47.

Insider Buying and Selling

In related news, Director Trina M. Evans sold 17,000 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the completion of the transaction, the director owned 82,719 shares in the company, valued at $1,544,363.73. The trade was a 17.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew J. Paine III sold 44,953 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the transaction, the insider 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 position. The disclosure for this sale can be found here. Insiders sold a total of 174,102 shares of company stock worth $3,299,664 in the last 90 days. 0.52% of the stock is 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.

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