Westfield Capital Management Co. LP Has $47.47 Million Stock Position in KeyCorp (NYSE:KEY)

Key Points

• Westfield Capital Management Co. LP increased its stake in KeyCorp by 22.5%, acquiring an additional 544,516 shares, bringing its total holdings to approximately 2.97 million shares, valued at about $47.47 million.
• KeyCorp recently declared a quarterly dividend of $0.205 per share, with an annualized yield of 4.6%, set to be paid on September 15th.
• Despite a 20.6% year-over-year increase in revenue, KeyCorp's recent earnings report beat consensus estimates by just $0.01 with earnings per share of $0.35.

Westfield Capital Management Co. LP grew its stake in KeyCorp (NYSE:KEY - Free Report) by 22.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,968,535 shares of the financial services provider's stock after purchasing an additional 544,516 shares during the period. Westfield Capital Management Co. LP owned about 0.27% of KeyCorp worth $47,467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in KEY. Connable Office Inc. lifted its stake in KeyCorp by 6.2% in the 1st quarter. Connable Office Inc. now owns 38,994 shares of the financial services provider's stock valued at $624,000 after purchasing an additional 2,282 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of KeyCorp by 31.5% in the 1st quarter. Blair William & Co. IL now owns 27,146 shares of the financial services provider's stock valued at $434,000 after acquiring an additional 6,495 shares during the last quarter. Bank of Nova Scotia lifted its stake in shares of KeyCorp by 32.1% in the 1st quarter. Bank of Nova Scotia now owns 81,995 shares of the financial services provider's stock valued at $1,311,000 after acquiring an additional 19,944 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in KeyCorp during the 1st quarter worth $756,000. Finally, Banque Cantonale Vaudoise bought a new stake in KeyCorp during the 1st quarter worth $295,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at KeyCorp

In related news, CEO Christopher M. Gorman sold 112,149 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the transaction, the chief executive officer directly owned 619,895 shares of the company's stock, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the firm'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 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 $1,544,363.73. This trade represents a 17.05% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 153,149 shares of company stock valued at $2,821,230. 0.52% of the stock is currently owned by company insiders.

KeyCorp Trading Down 0.6%

NYSE KEY traded down $0.11 during trading hours on Thursday, hitting $17.39. 20,231,164 shares of the company's stock were exchanged, compared to its average volume of 33,329,908. The firm has a market cap of $19.05 billion, a price-to-earnings ratio of -248.36, a PEG ratio of 0.62 and a beta of 1.13. The stock has a 50-day simple moving average of $17.34 and a 200 day simple moving average of $16.48. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. The firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. The company's revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.25 EPS. On average, equities analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's payout ratio is -1,171.43%.

Wall Street Analysts Forecast Growth

Several research firms have commented on KEY. Truist Financial increased their target price on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research report on Monday, July 28th. Wells Fargo & Company raised their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Citigroup reissued a "neutral" rating and set a $20.00 target price (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Bank of America raised their price target on shares of KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Finally, UBS Group raised shares of KeyCorp from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $16.00 to $22.00 in a research note on Tuesday, July 8th. Twelve equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $19.39.

About KeyCorp

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.