HighTower Advisors LLC Increases Stock Position in KeyCorp (NYSE:KEY)

HighTower Advisors LLC lifted its holdings in shares of KeyCorp (NYSE:KEY) by 9.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 202,681 shares of the financial services provider’s stock after acquiring an additional 17,140 shares during the quarter. HighTower Advisors LLC’s holdings in KeyCorp were worth $3,391,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its stake in shares of KeyCorp by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,606,503 shares of the financial services provider’s stock valued at $529,409,000 after buying an additional 993,942 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of KeyCorp by 12.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock valued at $288,403,000 after buying an additional 2,213,872 shares in the last quarter. Earnest Partners LLC lifted its stake in KeyCorp by 23.2% in the 2nd quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock worth $176,631,000 after purchasing an additional 2,339,454 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in KeyCorp by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock worth $149,299,000 after purchasing an additional 300,339 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in KeyCorp by 3.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock worth $119,170,000 after purchasing an additional 222,187 shares in the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at KeyCorp

In other news, Director Carlton L. Highsmith sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the completion of the sale, the director now directly owns 37,864 shares of the company’s stock, valued at approximately $648,988.96. This trade represents a 19.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Angela G. Mago sold 15,011 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total transaction of $294,065.49. Following the completion of the sale, the insider now directly owns 234,582 shares of the company’s stock, valued at approximately $4,595,461.38. This represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by corporate insiders.

KeyCorp Price Performance

KEY stock opened at $18.31 on Thursday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.88 and a current ratio of 0.88. KeyCorp has a 52 week low of $12.94 and a 52 week high of $20.04. The firm’s fifty day moving average is $18.14 and its 200 day moving average is $16.30. The firm has a market cap of $18.15 billion, a P/E ratio of 1,831.00, a P/E/G ratio of 1.04 and a beta of 1.25.

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

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $0.82 annualized dividend and a yield of 4.48%. KeyCorp’s payout ratio is currently 8,200.00%.

Wall Street Analyst Weigh In

Several analysts have issued reports on KEY shares. Wedbush increased their target price on shares of KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 24th. The Goldman Sachs Group increased their target price on shares of KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler increased their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Evercore ISI increased their target price on shares of KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley increased their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 14th. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.16.

KeyCorp Company Profile

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.