Hilton Capital Management LLC Acquires New Position in KeyCorp (KEY)
Hilton Capital Management LLC acquired a new stake in shares of KeyCorp (NYSE:KEY) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 955,780 shares of the financial services provider’s stock, valued at approximately $11,632,000. KeyCorp makes up about 2.9% of Hilton Capital Management LLC’s portfolio, making the stock its 15th largest position. Hilton Capital Management LLC owned about 0.09% of KeyCorp as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of KeyCorp by 1.9% in the second quarter. Vanguard Group Inc. now owns 77,776,400 shares of the financial services provider’s stock valued at $859,430,000 after buying an additional 1,446,976 shares during the last quarter. State Street Corp boosted its stake in shares of KeyCorp by 0.3% in the second quarter. State Street Corp now owns 43,989,618 shares of the financial services provider’s stock valued at $486,091,000 after buying an additional 111,119 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of KeyCorp during the second quarter valued at about $185,766,000. FMR LLC boosted its stake in shares of KeyCorp by 15.4% in the second quarter. FMR LLC now owns 15,913,763 shares of the financial services provider’s stock valued at $175,847,000 after buying an additional 2,125,373 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its stake in shares of KeyCorp by 1.5% in the second quarter. BlackRock Fund Advisors now owns 14,009,250 shares of the financial services provider’s stock valued at $154,802,000 after buying an additional 206,532 shares during the last quarter. Institutional investors and hedge funds own 71.65% of the company’s stock.
Shares of KeyCorp (NYSE:KEY) traded up 1.00% on Monday, hitting $17.18. The company had a trading volume of 16,730,873 shares. KeyCorp has a 12 month low of $9.88 and a 12 month high of $17.29. The stock has a market cap of $18.57 billion, a PE ratio of 19.79 and a beta of 1.00. The company has a 50-day moving average of $13.87 and a 200 day moving average of $12.46.
KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Tuesday, October 25th. The financial services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04. KeyCorp had a net margin of 15.72% and a return on equity of 8.44%. The business earned $1.34 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm earned $0.27 EPS. The company’s revenue for the quarter was up 25.2% compared to the same quarter last year. Analysts anticipate that KeyCorp will post $1.10 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 29th will be given a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, November 25th. KeyCorp’s dividend payout ratio is presently 39.08%.
KEY has been the topic of several analyst reports. Zacks Investment Research upgraded KeyCorp from a “strong sell” rating to a “hold” rating in a research note on Monday, August 1st. Piper Jaffray Cos. cut KeyCorp from an “overweight” rating to a “neutral” rating and cut their price target for the company from $14.50 to $13.00 in a research note on Monday, August 29th. Vetr upgraded KeyCorp from a “buy” rating to a “strong-buy” rating and set a $14.14 price target on the stock in a research note on Thursday, October 13th. Jefferies Group restated a “buy” rating and issued a $16.00 price target on shares of KeyCorp in a research note on Wednesday, October 26th. Finally, BMO Capital Markets restated a “buy” rating and issued a $15.00 price target on shares of KeyCorp in a research note on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, nine have issued 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 $14.84.
KeyCorp Company Profile
KeyCorp is a bank holding company. The Bank operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, the Company provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate and institutional clients.
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