Stoneridge Investment Partners LLC Cuts Stake in KeyCorp (KEY)

Stoneridge Investment Partners LLC decreased its stake in shares of KeyCorp (NYSE:KEY) by 0.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 436,862 shares of the financial services provider’s stock after selling 435 shares during the period. KeyCorp comprises approximately 1.2% of Stoneridge Investment Partners LLC’s holdings, making the stock its 21st largest position. Stoneridge Investment Partners LLC’s holdings in KeyCorp were worth $8,187,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of KEY. Trust Co. of Toledo NA OH boosted its position in KeyCorp by 0.4% in the second quarter. Trust Co. of Toledo NA OH now owns 42,951 shares of the financial services provider’s stock valued at $805,000 after buying an additional 178 shares in the last quarter. Cutter & CO Brokerage Inc. boosted its stake in shares of KeyCorp by 2.2% in the first quarter. Cutter & CO Brokerage Inc. now owns 14,206 shares of the financial services provider’s stock worth $253,000 after buying an additional 300 shares in the last quarter. Huntington National Bank boosted its stake in shares of KeyCorp by 0.3% in the first quarter. Huntington National Bank now owns 120,563 shares of the financial services provider’s stock worth $2,144,000 after buying an additional 323 shares in the last quarter. Denver Investment Advisors LLC boosted its stake in shares of KeyCorp by 0.4% in the first quarter. Denver Investment Advisors LLC now owns 93,603 shares of the financial services provider’s stock worth $1,665,000 after buying an additional 357 shares in the last quarter. Finally, Bouchey Financial Group Ltd boosted its stake in shares of KeyCorp by 1.8% in the second quarter. Bouchey Financial Group Ltd now owns 24,265 shares of the financial services provider’s stock worth $455,000 after buying an additional 422 shares in the last quarter. Institutional investors and hedge funds own 81.91% of the company’s stock.

KeyCorp (NYSE:KEY) traded down 1.12% on Friday, reaching $17.59. 16,152,472 shares of the company traded hands. The stock has a 50-day moving average price of $18.44 and a 200-day moving average price of $18.25. The firm has a market cap of $19.13 billion, a P/E ratio of 17.47 and a beta of 1.11. KeyCorp has a 52-week low of $11.89 and a 52-week high of $19.53.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, August 25th. KeyCorp’s dividend payout ratio is currently 38.78%.

KeyCorp announced that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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A number of equities research analysts recently issued reports on KEY shares. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of KeyCorp in a report on Friday, April 21st. Nomura reiterated a “buy” rating and issued a $23.00 price objective on shares of KeyCorp in a report on Friday, April 21st. Instinet reiterated a “buy” rating and issued a $23.00 price objective (up from $22.00) on shares of KeyCorp in a report on Sunday, April 23rd. Keefe, Bruyette & Woods set a $20.00 price objective on shares of KeyCorp and gave the stock a “hold” rating in a report on Saturday, April 22nd. Finally, Piper Jaffray Companies upgraded shares of KeyCorp from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $19.00 to $21.00 in a report on Monday, April 24th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $19.74.

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

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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