Westfield Capital Management Co. LP Has $83.39 Million Holdings in KeyCorp $KEY

Westfield Capital Management Co. LP decreased its position in KeyCorp (NYSE:KEY) by 9.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,040,297 shares of the financial services provider’s stock after selling 439,917 shares during the quarter. Westfield Capital Management Co. LP owned about 0.37% of KeyCorp worth $83,392,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in KEY. Brighton Jones LLC bought a new stake in shares of KeyCorp in the fourth quarter valued at approximately $476,000. Woodline Partners LP boosted its stake in shares of KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after buying an additional 24,627 shares during the period. EverSource Wealth Advisors LLC raised its position in KeyCorp by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after purchasing an additional 1,890 shares in the last quarter. Cresset Asset Management LLC raised its position in KeyCorp by 6.5% during the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new position in KeyCorp during the second quarter valued at approximately $186,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of NYSE KEY opened at $21.66 on Friday. KeyCorp has a fifty-two week low of $15.59 and a fifty-two week high of $23.34. The stock has a market cap of $23.49 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 0.66 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s 50-day simple moving average is $21.26 and its 200 day simple moving average is $20.78.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter last year, the firm earned $0.38 EPS. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, research analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be paid a $0.205 dividend. The ex-dividend date is Tuesday, June 2nd. This represents a $0.82 annualized dividend and a yield of 3.8%. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

Insider Buying and Selling

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on KEY. Robert W. Baird boosted their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, April 17th. DA Davidson boosted their price objective on shares of KeyCorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Morgan Stanley lowered their price objective on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Royal Bank Of Canada upped their price target on shares of KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, April 17th. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.78.

KeyCorp Company 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.