Rhino Investment Partners Inc Has $19.48 Million Stock Position in KeyCorp $KEY

Rhino Investment Partners Inc reduced its holdings in shares of KeyCorp (NYSE:KEY) by 22.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,042,056 shares of the financial services provider’s stock after selling 295,000 shares during the period. KeyCorp accounts for about 6.1% of Rhino Investment Partners Inc’s investment portfolio, making the stock its 4th largest holding. Rhino Investment Partners Inc’s holdings in KeyCorp were worth $19,476,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of KEY. Capital World Investors grew its holdings in KeyCorp by 169.2% in the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after purchasing an additional 13,067,326 shares during the period. Norges Bank purchased a new position in shares of KeyCorp during the second quarter valued at approximately $195,642,000. HoldCo Asset Management LP purchased a new position in shares of KeyCorp during the second quarter valued at approximately $86,995,000. JPMorgan Chase & Co. boosted its position in shares of KeyCorp by 123.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock worth $125,122,000 after purchasing an additional 3,967,544 shares in the last quarter. Finally, Azora Capital LP boosted its position in shares of KeyCorp by 131.4% in the 2nd quarter. Azora Capital LP now owns 5,369,008 shares of the financial services provider’s stock worth $93,528,000 after purchasing an additional 3,049,155 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Jefferies Financial Group upped their price target on KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a research note on Wednesday, December 10th. DA Davidson set a $25.00 price objective on KeyCorp in a research note on Wednesday, January 21st. Evercore boosted their target price on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Stephens increased their target price on KeyCorp from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Finally, Wells Fargo & Company set a $18.00 price target on KeyCorp and gave the company an “underperform” rating in a report on Tuesday, January 6th. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.03.

Insider Activity

In other news, Director Trina M. Evans sold 32,695 shares of the firm’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total value of $710,789.30. Following the transaction, the director directly owned 58,719 shares in the company, valued at $1,276,551.06. This trade represents a 35.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Angela G. Mago sold 62,850 shares of KeyCorp stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the sale, the insider directly owned 261,415 shares of the company’s stock, valued at $5,633,493.25. The trade was a 19.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 161,506 shares of company stock valued at $3,597,481 in the last ninety days. 0.52% of the stock is currently owned by company insiders.

KeyCorp Stock Performance

Shares of KEY stock opened at $18.88 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average price of $21.31 and a 200-day moving average price of $19.67. KeyCorp has a 52 week low of $12.73 and a 52 week high of $23.34. The firm has a market capitalization of $20.57 billion, a PE ratio of 12.42, a P/E/G ratio of 0.57 and a beta of 1.08.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The firm’s revenue for the quarter was up 131.8% compared to the same quarter last year. As a group, equities research analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, March 3rd. KeyCorp’s dividend payout ratio is presently 53.95%.

KeyCorp Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.