Westfield Capital Management Co. LP Trims Position in KeyCorp $KEY

Westfield Capital Management Co. LP decreased its holdings in shares of KeyCorp (NYSE:KEY) by 4.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 4,480,214 shares of the financial services provider’s stock after selling 198,574 shares during the quarter. Westfield Capital Management Co. LP’s holdings in KeyCorp were worth $83,735,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. United Community Bank purchased a new stake in KeyCorp during the 3rd quarter valued at approximately $27,000. Sachetta LLC grew its stake in shares of KeyCorp by 1,246.1% in the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 1,595 shares during the last quarter. Root Financial Partners LLC acquired a new position in shares of KeyCorp in the third quarter valued at approximately $37,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of KeyCorp during the second quarter worth approximately $36,000. Finally, Capital A Wealth Management LLC raised its stake in shares of KeyCorp by 252.8% during the second quarter. Capital A Wealth Management LLC now owns 2,237 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 1,603 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $21.46 on Thursday. The firm has a market capitalization of $23.38 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 0.63 and a beta of 1.10. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The business’s 50 day simple moving average is $21.50 and its 200-day simple moving average is $19.52. KeyCorp has a 12 month low of $12.73 and a 12 month high of $23.34.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.KeyCorp’s quarterly revenue was up 131.8% on a year-over-year basis. During the same period last year, the business posted $0.30 EPS. As a group, equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, March 3rd. KeyCorp’s payout ratio is 53.95%.

Insider Buying and Selling

In related news, insider Andrew J. Paine III sold 65,961 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $23.23, for a total value of $1,532,274.03. Following the sale, the insider directly owned 166,583 shares of the company’s stock, valued at approximately $3,869,723.09. This represents a 28.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Angela G. Mago sold 62,850 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the transaction, the insider owned 261,415 shares of the company’s stock, valued at $5,633,493.25. This trade represents a 19.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 161,506 shares of company stock worth $3,597,481 in the last three months. Corporate insiders own 0.52% of the company’s stock.

Wall Street Analyst Weigh In

KEY has been the topic of a number of analyst reports. Truist Financial lifted their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the company a “hold” rating in a research report on Monday, January 26th. Weiss Ratings restated a “hold (c+)” rating on shares of KeyCorp in a research note on Monday, December 29th. Barclays lifted their target price on shares of KeyCorp from $20.00 to $24.00 and gave the company an “equal weight” rating in a report on Monday, January 5th. Royal Bank Of Canada increased their price target on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of KeyCorp from $22.00 to $24.50 and gave the company a “neutral” rating in a research report on Monday, February 9th. Eleven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, KeyCorp currently has an average rating of “Hold” and an average price target of $22.92.

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.