KeyCorp (KEY) Stake Lowered by Laffer Investments

Laffer Investments decreased its position in KeyCorp (NYSE:KEY) by 7.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 93,065 shares of the financial services provider’s stock after selling 7,050 shares during the quarter. Laffer Investments’ holdings in KeyCorp were worth $1,751,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in KEY. Boston Partners bought a new position in shares of KeyCorp in the third quarter valued at approximately $356,111,000. Janus Henderson Group PLC raised its position in shares of KeyCorp by 6,189.4% in the second quarter. Janus Henderson Group PLC now owns 9,107,724 shares of the financial services provider’s stock valued at $170,679,000 after purchasing an additional 8,962,913 shares during the period. Vanguard Group Inc. raised its position in shares of KeyCorp by 3.9% in the second quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock valued at $2,087,987,000 after purchasing an additional 4,230,390 shares during the period. Samlyn Capital LLC bought a new position in shares of KeyCorp in the second quarter valued at approximately $57,111,000. Finally, Victory Capital Management Inc. increased its position in KeyCorp by 561.7% during the second quarter. Victory Capital Management Inc. now owns 2,954,024 shares of the financial services provider’s stock worth $55,358,000 after acquiring an additional 2,507,628 shares during the period. 81.20% of the stock is currently owned by institutional investors.

A number of brokerages recently issued reports on KEY. CIBC reaffirmed a “buy” rating on shares of KeyCorp in a research report on Friday, December 8th. Stephens raised shares of KeyCorp from an “equal weight” rating to an “overweight” rating and set a $23.00 target price on the stock in a research report on Thursday. Morgan Stanley reaffirmed an “overweight” rating and set a $23.00 target price on shares of KeyCorp in a research report on Thursday. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.50 target price on shares of KeyCorp in a research report on Thursday. Finally, ValuEngine raised shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Three research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $21.28.

Shares of KeyCorp (KEY) traded down $0.18 during trading on Friday, reaching $19.52. 8,270,400 shares of the company’s stock traded hands, compared to its average volume of 10,957,235. The company has a market cap of $21,185.38, a price-to-earnings ratio of 14.92, a PEG ratio of 1.79 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.90 and a quick ratio of 0.89. KeyCorp has a 12-month low of $16.28 and a 12-month high of $20.15.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.35. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same quarter in the previous year, the firm posted $0.30 EPS. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. sell-side analysts forecast that KeyCorp will post 1.37 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Tuesday, November 28th will be paid a $0.105 dividend. This represents a $0.42 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Monday, November 27th. This is an increase from KeyCorp’s previous quarterly dividend of $0.10. KeyCorp’s payout ratio is currently 36.84%.

In related news, General Counsel Paul N. Harris sold 2,758 shares of the company’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $18.54, for a total transaction of $51,133.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Paine III sold 46,854 shares of the company’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $18.56, for a total transaction of $869,610.24. Following the transaction, the insider now owns 110,052 shares in the company, valued at approximately $2,042,565.12. The disclosure for this sale can be found here. Insiders sold a total of 57,212 shares of company stock worth $1,060,508 in the last 90 days. 0.65% of the stock is owned by corporate insiders.

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About KeyCorp

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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