Hartford Financial Management Inc. Has $5.27 Million Stake in KeyCorp (NYSE:KEY)

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Hartford Financial Management Inc. raised its position in KeyCorp (NYSE:KEY) by 10.9% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 296,859 shares of the financial services provider’s stock after buying an additional 29,226 shares during the period. KeyCorp comprises approximately 1.8% of Hartford Financial Management Inc.’s holdings, making the stock its 12th largest holding. Hartford Financial Management Inc.’s holdings in KeyCorp were worth $5,269,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. TRUE Private Wealth Advisors acquired a new stake in shares of KeyCorp in the second quarter valued at about $99,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of KeyCorp by 92.2% during the second quarter. DekaBank Deutsche Girozentrale now owns 318,696 shares of the financial services provider’s stock worth $5,599,000 after acquiring an additional 152,916 shares during the period. Advisory Services Network LLC boosted its holdings in shares of KeyCorp by 77.7% during the second quarter. Advisory Services Network LLC now owns 35,995 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 15,742 shares during the period. Coastal Investment Advisors Inc. boosted its holdings in shares of KeyCorp by 333.9% during the second quarter. Coastal Investment Advisors Inc. now owns 4,152 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 3,195 shares during the period. Finally, Walter & Keenan Financial Consulting Co. MI ADV bought a new stake in shares of KeyCorp during the second quarter worth approximately $186,000. Hedge funds and other institutional investors own 80.91% of the company’s stock.

Shares of NYSE:KEY opened at $16.45 on Wednesday. The business’s fifty day moving average is $17.51. The firm has a market capitalization of $16.52 billion, a P/E ratio of 9.51, a PEG ratio of 2.81 and a beta of 1.24. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 0.95. KeyCorp has a 52-week low of $13.65 and a 52-week high of $21.91.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.44. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. KeyCorp had a net margin of 23.15% and a return on equity of 12.82%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 earnings per share. Sell-side analysts expect that KeyCorp will post 1.8 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 27th will be issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 4.50%. This is an increase from KeyCorp’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, August 26th. KeyCorp’s dividend payout ratio is presently 39.31%.

KEY has been the subject of a number of research analyst reports. Zacks Investment Research cut KeyCorp from a “hold” rating to a “sell” rating and set a $20.00 price objective for the company. in a report on Monday, July 8th. Wood & Company restated an “average” rating and set a $38.00 price objective on shares of KeyCorp in a report on Thursday, May 16th. Robert W. Baird upgraded KeyCorp from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $18.00 to $19.00 in a report on Friday, June 21st. Credit Suisse Group upgraded KeyCorp from an “average” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday, August 7th. Finally, BMO Capital Markets boosted their price objective on KeyCorp from $19.00 to $20.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $23.88.

In related news, insider Andrew J. Paine III sold 99,999 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $18.26, for a total value of $1,825,981.74. Following the completion of the sale, the insider now directly owns 85,469 shares in the company, valued at $1,560,663.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Amy G. Brady sold 13,238 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $17.00, for a total value of $225,046.00. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.

See Also: Real Estate Investment Trust (REIT) ETF

Want to see what other hedge funds are holding KEY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for KeyCorp (NYSE:KEY).

Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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