Lake Street Advisors Group LLC Takes $173,000 Position in KeyCorp (NYSE:KEY)

Lake Street Advisors Group LLC bought a new position in shares of KeyCorp (NYSE:KEY) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,953 shares of the financial services provider’s stock, valued at approximately $173,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of KeyCorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock worth $337,191,000 after acquiring an additional 289,258 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its stake in shares of KeyCorp by 8.8% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 21,690,319 shares of the financial services provider’s stock worth $342,924,000 after acquiring an additional 1,748,633 shares during the period. Dimensional Fund Advisors LP boosted its stake in KeyCorp by 9.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,284,913 shares of the financial services provider’s stock valued at $148,116,000 after purchasing an additional 902,032 shares during the period. Norges Bank bought a new position in shares of KeyCorp in the fourth quarter worth $128,203,000. Finally, Ceredex Value Advisors LLC bought a new stake in shares of KeyCorp during the 4th quarter worth $64,421,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada raised their price target on shares of KeyCorp from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. DA Davidson lifted their price objective on shares of KeyCorp from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Wedbush increased their price target on shares of KeyCorp from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Evercore ISI dropped their price target on KeyCorp from $17.50 to $16.50 and set an “outperform” rating on the stock in a research report on Tuesday, June 25th. Finally, Jefferies Financial Group increased their target price on KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.13.

KeyCorp Stock Up 2.2 %

NYSE KEY traded up $0.34 on Thursday, reaching $16.13. The stock had a trading volume of 3,103,133 shares, compared to its average volume of 14,832,389. The business has a 50 day moving average price of $14.43 and a 200 day moving average price of $14.55. KeyCorp has a 1 year low of $9.50 and a 1 year high of $16.47. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $15.21 billion, a price-to-earnings ratio of 19.99, a P/E/G ratio of 0.86 and a beta of 1.26.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, July 18th. The financial services provider reported $0.25 EPS for the quarter, topping the consensus estimate of $0.24 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share. On average, analysts forecast that KeyCorp will post 1.12 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.08%. KeyCorp’s payout ratio is 103.80%.

KeyCorp 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.