Castine Capital Management LLC Has $6.72 Million Stake in KeyCorp (NYSE:KEY)
Castine Capital Management LLC lowered its stake in shares of KeyCorp (NYSE:KEY) by 43.8% during the first quarter, HoldingsChannel reports. The firm owned 426,924 shares of the financial services provider’s stock after selling 333,378 shares during the quarter. KeyCorp makes up 2.1% of Castine Capital Management LLC’s investment portfolio, making the stock its 22nd largest position. Castine Capital Management LLC’s holdings in KeyCorp were worth $6,724,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently made changes to their positions in KEY. Alpha Omega Wealth Management LLC acquired a new position in shares of KeyCorp during the 1st quarter worth approximately $25,000. Bruderman Asset Management LLC acquired a new position in shares of KeyCorp during the 4th quarter worth approximately $26,000. Golden State Wealth Management LLC acquired a new position in shares of KeyCorp during the 1st quarter worth approximately $27,000. Bremer Bank National Association acquired a new position in shares of KeyCorp during the 1st quarter worth approximately $29,000. Finally, Global Retirement Partners LLC increased its holdings in shares of KeyCorp by 50.7% during the 1st quarter. Global Retirement Partners LLC now owns 1,989 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 669 shares during the last quarter. Institutional investors own 80.51% of the company’s stock.
A number of research analysts recently weighed in on KEY shares. Zacks Investment Research lowered KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, February 18th. Scotiabank reaffirmed a “buy” rating and issued a $36.00 price objective on shares of KeyCorp in a report on Friday, February 22nd. ValuEngine lowered KeyCorp from a “sell” rating to a “strong sell” rating in a report on Friday, March 22nd. Nomura raised KeyCorp from a “reduce” rating to a “neutral” rating and set a $16.00 price objective on the stock in a report on Friday, March 29th. Finally, JPMorgan Chase & Co. lowered KeyCorp from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $18.00 to $17.00 in a report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. KeyCorp currently has an average rating of “Hold” and an average target price of $23.36.
NYSE KEY traded up $0.08 on Friday, reaching $17.15. The stock had a trading volume of 7,999,740 shares, compared to its average volume of 7,281,938. The firm has a market cap of $17.29 billion, a price-to-earnings ratio of 9.91, a P/E/G ratio of 1.21 and a beta of 1.23. KeyCorp has a 1-year low of $13.65 and a 1-year high of $21.91. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.90 and a quick ratio of 0.89.
KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 18th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.02). The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.60 billion. KeyCorp had a return on equity of 13.16% and a net margin of 24.18%. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period last year, the company posted $0.38 earnings per share. On average, equities analysts anticipate that KeyCorp will post 1.8 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Tuesday, May 28th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Friday, May 24th. KeyCorp’s dividend payout ratio (DPR) is currently 39.31%.
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KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.
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