Cetera Advisor Networks LLC decreased its stake in shares of KeyCorp (NYSE:KEY) by 62.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,223 shares of the financial services provider’s stock after selling 20,435 shares during the quarter. Cetera Advisor Networks LLC’s holdings in KeyCorp were worth $230,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Zions Bancorporation raised its stake in KeyCorp by 2,277.5% during the third quarter. Zions Bancorporation now owns 5,706 shares of the financial services provider’s stock valued at $107,000 after buying an additional 5,466 shares during the last quarter. Bank of Nova Scotia Trust Co. purchased a new position in KeyCorp during the third quarter valued at $132,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in KeyCorp during the third quarter valued at $145,000. Sun Life Financial INC raised its stake in KeyCorp by 80,370.0% during the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after buying an additional 8,037 shares during the last quarter. Finally, AllSquare Wealth Management LLC purchased a new position in KeyCorp during the third quarter valued at $173,000. Institutional investors and hedge funds own 81.20% of the company’s stock.
KEY has been the subject of a number of recent research reports. Sanford C. Bernstein upgraded KeyCorp from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $21.00 to $22.00 in a research note on Thursday, September 14th. Zacks Investment Research cut KeyCorp from a “hold” rating to a “sell” rating in a research note on Tuesday, September 19th. Robert W. Baird reissued a “hold” rating and issued a $18.00 target price on shares of KeyCorp in a report on Friday, October 6th. Citigroup lifted their target price on KeyCorp from $19.00 to $20.00 and gave the stock a “neutral” rating in a report on Monday, October 9th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $21.00 target price on shares of KeyCorp in a report on Thursday, October 19th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $21.28.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.35. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same quarter in the previous year, the company posted $0.30 earnings per share. KeyCorp’s revenue was up 13.7% compared to the same quarter last year. sell-side analysts expect that KeyCorp will post 1.37 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Tuesday, November 28th were issued a $0.105 dividend. The ex-dividend date of this dividend was Monday, November 27th. This represents a $0.42 annualized dividend and a dividend yield of 2.13%. This is a positive change from KeyCorp’s previous quarterly dividend of $0.10. KeyCorp’s payout ratio is presently 36.84%.
In related news, General Counsel Paul N. Harris sold 2,758 shares of KeyCorp stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $18.54, for a total value of $51,133.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizabeth R. Gile acquired 1,374 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was purchased at an average cost of $18.23 per share, with a total value of $25,048.02. Following the acquisition, the director now directly owns 24,989 shares of the company’s stock, valued at $455,549.47. The disclosure for this purchase can be found here. Insiders sold 57,212 shares of company stock valued at $1,060,508 in the last ninety days. 0.65% of the stock is currently owned by corporate insiders.
KeyCorp Company Profile
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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