Park Place Capital Corp Sells 2,415 Shares of KeyCorp (NYSE:KEY)

Park Place Capital Corp lessened its stake in shares of KeyCorp (NYSE:KEY) by 46.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,782 shares of the financial services provider’s stock after selling 2,415 shares during the period. Park Place Capital Corp’s holdings in KeyCorp were worth $44,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its stake in KeyCorp by 1.3% during the 4th 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 period. Dimensional Fund Advisors LP increased its stake in shares of 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 last quarter. Norges Bank bought a new position in shares of KeyCorp in the 4th quarter valued at $128,203,000. Earnest Partners LLC increased its stake in shares of KeyCorp by 16.2% in the 3rd quarter. Earnest Partners LLC now owns 8,344,219 shares of the financial services provider’s stock valued at $89,784,000 after purchasing an additional 1,161,216 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in shares of KeyCorp by 22.4% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 8,079,923 shares of the financial services provider’s stock valued at $86,940,000 after purchasing an additional 1,477,262 shares during the last quarter. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of KEY opened at $14.22 on Tuesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a 50 day moving average price of $14.37 and a two-hundred day moving average price of $14.47. The firm has a market capitalization of $13.41 billion, a P/E ratio of 18.00, a P/E/G ratio of 0.72 and a beta of 1.26. KeyCorp has a 52 week low of $9.10 and a 52 week high of $15.86.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.51 billion. KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. The business’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.44 earnings per share. Equities analysts forecast that KeyCorp will post 1.13 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Tuesday, May 28th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 5.77%. The ex-dividend date of this dividend was Friday, May 24th. KeyCorp’s dividend payout ratio is presently 103.80%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Argus lifted their price target on KeyCorp from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $41.00 price target on shares of KeyCorp in a research note on Tuesday, June 25th. JPMorgan Chase & Co. reduced their price objective on KeyCorp from $17.50 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Wells Fargo & Company boosted their price objective on KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, Keefe, Bruyette & Woods lifted their target price on KeyCorp from $16.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $17.38.

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.