Manning & Napier Advisors LLC Lowers Holdings in KeyCorp (KEY)
Manning & Napier Advisors LLC trimmed its position in KeyCorp (NYSE:KEY) by 5.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 70,648 shares of the financial services provider’s stock after selling 4,330 shares during the quarter. Manning & Napier Advisors LLC’s holdings in KeyCorp were worth $1,329,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of KEY. Eqis Capital Management Inc. purchased a new stake in shares of KeyCorp in the 2nd quarter worth $217,000. LS Investment Advisors LLC raised its position in shares of KeyCorp by 2.9% in the 2nd quarter. LS Investment Advisors LLC now owns 42,109 shares of the financial services provider’s stock worth $789,000 after acquiring an additional 1,178 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of KeyCorp by 3.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 216,127 shares of the financial services provider’s stock worth $3,970,000 after acquiring an additional 8,000 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of KeyCorp by 3.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 68,000 shares of the financial services provider’s stock worth $1,274,000 after acquiring an additional 2,100 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC raised its position in shares of KeyCorp by 74.4% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 40,466 shares of the financial services provider’s stock worth $757,000 after acquiring an additional 17,262 shares in the last quarter. Institutional investors and hedge funds own 82.42% of the company’s stock.
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In related news, insider Andrew J. Paine III sold 46,854 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $18.56, for a total value of $869,610.24. Following the sale, the insider now owns 110,052 shares of the company’s stock, valued at approximately $2,042,565.12. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Paul N. Harris sold 2,758 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $18.54, for a total value of $51,133.32. The disclosure for this sale can be found here. Insiders have sold a total of 57,212 shares of company stock worth $1,060,508 in the last three months. Corporate insiders own 0.65% of the company’s stock.
KeyCorp (NYSE:KEY) traded down $0.11 during midday trading on Tuesday, reaching $18.35. The company’s stock had a trading volume of 1,327,513 shares, compared to its average volume of 10,916,164. 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 52 week low of $16.28 and a 52 week high of $19.53. The firm has a market cap of $19,690.00, a PE ratio of 13.87, a price-to-earnings-growth ratio of 1.67 and a beta of 1.10.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.35. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.56 billion. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The company’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.30 EPS. research analysts predict that KeyCorp will post 1.37 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Tuesday, November 28th will be paid a dividend of $0.105 per share. This is a positive change from KeyCorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, November 27th. This represents a $0.42 annualized dividend and a dividend yield of 2.29%. KeyCorp’s payout ratio is 33.04%.
Several research analysts recently issued reports on the company. Citigroup Inc. upped their target price on KeyCorp from $19.00 to $20.00 and gave the company a “neutral” rating in a research report on Monday, October 9th. Robert W. Baird reissued a “hold” rating and issued a $18.00 price objective on shares of KeyCorp in a report on Friday, October 6th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $21.00 price objective on shares of KeyCorp in a report on Thursday, October 19th. Zacks Investment Research raised KeyCorp from a “sell” rating to a “hold” rating in a report on Monday, October 23rd. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $22.00 price objective on shares of KeyCorp in a report on Wednesday, September 27th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $20.82.
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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