Wilmington Savings Fund Society FSB Acquires Shares of 23,560 KeyCorp (NYSE:KEY)

Wilmington Savings Fund Society FSB bought a new position in shares of KeyCorp (NYSE:KEY) during the third quarter, HoldingsChannel reports. The institutional investor bought 23,560 shares of the financial services provider’s stock, valued at approximately $395,000.

Several other institutional investors and hedge funds have also made changes to their positions in KEY. Mirae Asset Global Investments Co. Ltd. boosted its position in KeyCorp by 14.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 657,913 shares of the financial services provider’s stock valued at $10,928,000 after buying an additional 85,052 shares during the last quarter. MBB Public Markets I LLC acquired a new position in shares of KeyCorp in the second quarter worth about $981,000. Dai ichi Life Insurance Company Ltd purchased a new position in KeyCorp in the third quarter valued at about $798,000. Prospector Partners LLC acquired a new stake in KeyCorp during the 3rd quarter valued at approximately $9,630,000. Finally, Natixis Advisors LLC increased its holdings in KeyCorp by 17.9% during the 3rd quarter. Natixis Advisors LLC now owns 689,469 shares of the financial services provider’s stock worth $11,549,000 after purchasing an additional 104,689 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

KEY stock opened at $18.20 on Tuesday. The company has a 50-day simple moving average of $18.27 and a 200 day simple moving average of $16.42. The company has a market capitalization of $18.04 billion, a P/E ratio of 1,820.00, a PEG ratio of 1.00 and a beta of 1.25. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.09. KeyCorp has a fifty-two week low of $12.94 and a fifty-two week high of $20.04.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. KeyCorp had a return on equity of 8.24% and a net margin of 0.76%. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.59 billion. Sell-side analysts predict that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Tuesday, December 3rd were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.51%. KeyCorp’s payout ratio is currently 8,200.00%.

Insider Activity at KeyCorp

In related news, insider Angela G. Mago sold 15,011 shares of KeyCorp stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total value of $294,065.49. Following the transaction, the insider now directly owns 234,582 shares in the company, valued at $4,595,461.38. The trade was a 6.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Carlton L. Highsmith sold 9,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total transaction of $154,260.00. Following the sale, the director now directly owns 37,864 shares of the company’s stock, valued at $648,988.96. This represents a 19.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Citigroup cut KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 target price for the company. in a research note on Thursday, November 7th. Wedbush raised their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, September 24th. Royal Bank of Canada upped their target price on shares of KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Evercore ISI lifted their price target on KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company increased their target price on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.16.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.