Neuberger Berman Group LLC trimmed its stake in shares of KeyCorp (NYSE:KEY) by 31.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,707 shares of the financial services provider’s stock after selling 162,215 shares during the quarter. Neuberger Berman Group LLC’s holdings in KeyCorp were worth $6,591,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KEY. Focused Wealth Management Inc grew its stake in KeyCorp by 613.0% during the 1st quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 5,125 shares in the last quarter. Thompson Davis & CO. Inc. grew its stake in KeyCorp by 20.2% during the 1st quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 1,125 shares in the last quarter. Cypress Capital Management LLC WY grew its stake in KeyCorp by 177.9% during the 2nd quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 4,500 shares in the last quarter. CI Investments Inc. acquired a new position in KeyCorp during the 1st quarter worth $160,000. Finally, Equity Investment Corp Acquisition Inc acquired a new position in KeyCorp during the 1st quarter worth $179,000. 80.79% of the stock is owned by hedge funds and other institutional investors.

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KEY has been the subject of several analyst reports. Keefe, Bruyette & Woods raised KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a research note on Monday, July 10th. BMO Capital Markets reissued a “buy” rating and set a $22.00 target price on shares of KeyCorp in a research note on Thursday, July 27th. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, June 21st. Royal Bank Of Canada reissued a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research note on Friday, July 28th. Finally, Instinet reissued a “buy” rating and set a $23.00 target price on shares of KeyCorp in a research note on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $19.98.

Shares of KeyCorp (KEY) opened at 17.03 on Tuesday. The firm’s 50-day moving average price is $17.70 and its 200 day moving average price is $18.12. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53. The stock has a market capitalization of $18.52 billion, a P/E ratio of 16.91 and a beta of 1.12.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.34. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company’s revenue for the quarter was up 52.1% compared to the same quarter last year. During the same period last year, the firm earned $0.27 earnings per share. Analysts expect that KeyCorp will post $1.36 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be paid a $0.095 dividend. The ex-dividend date is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a yield of 2.23%. KeyCorp’s dividend payout ratio (DPR) is 38.78%.

KeyCorp declared that its board has approved a share buyback program on Wednesday, June 28th that permits the company to repurchase $800.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

In other news, Director Ruth Ann M. Gillis purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was acquired at an average cost of $17.91 per share, for a total transaction of $35,820.00. Following the completion of the purchase, the director now owns 10,551 shares of the company’s stock, valued at $188,968.41. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Paul N. Harris sold 205,024 shares of KeyCorp stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $18.56, for a total value of $3,805,245.44. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 16,000 shares of company stock valued at $290,540 and sold 259,409 shares valued at $4,794,449. 0.65% of the stock is currently owned by company 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.

Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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