Prana Capital Management LP Boosts Holdings in KeyCorp $KEY

Prana Capital Management LP boosted its position in shares of KeyCorp (NYSE:KEY) by 1.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,135,751 shares of the financial services provider’s stock after purchasing an additional 72,261 shares during the period. KeyCorp makes up about 2.6% of Prana Capital Management LP’s holdings, making the stock its 13th biggest holding. Prana Capital Management LP’s holdings in KeyCorp were worth $77,297,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of KEY. Marshall Wace LLP lifted its stake in shares of KeyCorp by 2,258.4% in the second quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock worth $44,821,000 after buying an additional 2,463,880 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of KeyCorp by 2.7% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider’s stock valued at $37,641,000 after buying an additional 53,682 shares during the last quarter. Synovus Financial Corp bought a new stake in shares of KeyCorp during the third quarter valued at approximately $2,253,000. Prudential Financial Inc. raised its holdings in KeyCorp by 9.9% in the 2nd quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock worth $10,018,000 after acquiring an additional 51,705 shares during the last quarter. Finally, HoldCo Asset Management LP purchased a new position in KeyCorp in the 2nd quarter worth approximately $86,995,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Trading Up 0.7%

NYSE:KEY opened at $19.10 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55. KeyCorp has a 12 month low of $12.73 and a 12 month high of $23.34. The company has a market cap of $20.81 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 0.57 and a beta of 1.08. The company has a 50 day simple moving average of $21.21 and a two-hundred day simple moving average of $19.67.

KeyCorp (NYSE:KEY) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The company’s revenue was up 131.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.30 EPS. Research analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. KeyCorp’s dividend payout ratio is currently 53.95%.

Wall Street Analysts Forecast Growth

Several analysts have commented on KEY shares. Jefferies Financial Group increased their target price on KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a research note on Wednesday, December 10th. Stephens upped their price target on KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Morgan Stanley increased their price objective on KeyCorp from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Monday, March 2nd. Royal Bank Of Canada lifted their price objective on 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. boosted their target price on KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and a consensus price target of $23.03.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Andrew J. Paine III sold 65,961 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $23.23, for a total value of $1,532,274.03. Following the transaction, the insider directly owned 166,583 shares of the company’s stock, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Trina M. Evans sold 32,695 shares of the business’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the sale, the director owned 58,719 shares of the company’s stock, valued at approximately $1,276,551.06. This represents a 35.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 161,506 shares of company stock valued at $3,597,481. 0.52% of the stock is owned by company insiders.

About KeyCorp

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.