Seven Eight Capital LP Acquires 53,244 Shares of KeyCorp (NYSE:KEY)

Seven Eight Capital LP grew its holdings in shares of KeyCorp (NYSE:KEY) by 56.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 147,549 shares of the financial services provider’s stock after acquiring an additional 53,244 shares during the period. Seven Eight Capital LP’s holdings in KeyCorp were worth $2,097,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Valeo Financial Advisors LLC raised its position in shares of KeyCorp by 1.0% during the 1st quarter. Valeo Financial Advisors LLC now owns 69,213 shares of the financial services provider’s stock valued at $1,094,000 after buying an additional 704 shares in the last quarter. Raymond James Trust N.A. raised its position in shares of KeyCorp by 2.5% during the 2nd quarter. Raymond James Trust N.A. now owns 30,155 shares of the financial services provider’s stock valued at $429,000 after buying an additional 724 shares in the last quarter. Caldwell Sutter Capital Inc. raised its position in shares of KeyCorp by 3.7% during the 1st quarter. Caldwell Sutter Capital Inc. now owns 20,927 shares of the financial services provider’s stock valued at $331,000 after buying an additional 742 shares in the last quarter. Czech National Bank raised its position in shares of KeyCorp by 0.5% during the 1st quarter. Czech National Bank now owns 164,768 shares of the financial services provider’s stock valued at $2,605,000 after buying an additional 788 shares in the last quarter. Finally, CWM LLC raised its position in shares of KeyCorp by 1.7% during the 1st quarter. CWM LLC now owns 50,656 shares of the financial services provider’s stock valued at $801,000 after buying an additional 837 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on KEY. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price objective on shares of KeyCorp in a research report on Tuesday, August 13th. UBS Group lowered shares of KeyCorp from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $16.00 to $15.00 in a research report on Monday, July 8th. JPMorgan Chase & Co. reduced their price objective on shares of KeyCorp from $17.50 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Wedbush increased their price objective on shares of KeyCorp from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Finally, Jefferies Financial Group increased their price objective on shares of KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and a consensus price target of $16.65.

KeyCorp Stock Performance

KeyCorp stock opened at $16.60 on Thursday. The company has a 50 day moving average price of $15.97 and a 200-day moving average price of $15.07. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.85 and a current ratio of 0.85. KeyCorp has a fifty-two week low of $9.50 and a fifty-two week high of $17.20. The company has a market capitalization of $15.65 billion, a PE ratio of 21.01, a P/E/G ratio of 0.90 and a beta of 1.25.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. KeyCorp’s revenue was down 4.3% compared to the same quarter last year. During the same period last year, the company posted $0.27 earnings per share. As a group, equities analysts forecast that KeyCorp will post 1.09 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.94%. The ex-dividend date was Tuesday, August 27th. KeyCorp’s payout ratio is 103.80%.

Insider Activity at KeyCorp

In related news, Director Carlton L. Highsmith sold 10,000 shares of KeyCorp stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $16.21, for a total transaction of $162,100.00. Following the transaction, the director now directly owns 46,864 shares of the company’s stock, valued at $759,665.44. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.61% of the stock is currently owned by corporate insiders.

About KeyCorp

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.