Envestnet Asset Management Inc. Grows Position in KeyCorp (NYSE:KEY)

Envestnet Asset Management Inc. raised its stake in KeyCorp (NYSE:KEY) by 4.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,922,921 shares of the financial services provider’s stock after acquiring an additional 78,856 shares during the period. Envestnet Asset Management Inc. owned approximately 0.20% of KeyCorp worth $27,325,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of KEY. Freestone Capital Holdings LLC purchased a new stake in shares of KeyCorp in the first quarter worth about $561,000. Assenagon Asset Management S.A. boosted its position in shares of KeyCorp by 87.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,308,797 shares of the financial services provider’s stock valued at $18,598,000 after acquiring an additional 610,688 shares during the last quarter. Commerce Bank grew its holdings in shares of KeyCorp by 399.7% in the first quarter. Commerce Bank now owns 456,136 shares of the financial services provider’s stock valued at $7,212,000 after purchasing an additional 364,850 shares in the last quarter. Cibc World Markets Corp increased its position in KeyCorp by 44.4% in the fourth quarter. Cibc World Markets Corp now owns 217,122 shares of the financial services provider’s stock worth $3,127,000 after purchasing an additional 66,806 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new stake in KeyCorp during the fourth quarter valued at $801,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on KEY shares. Jefferies Financial Group boosted their target price on shares of KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of KeyCorp in a research report on Tuesday, August 13th. UBS Group cut KeyCorp from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $16.00 to $15.00 in a report on Monday, July 8th. DA Davidson increased their price target on KeyCorp from $16.00 to $18.00 and gave the company a “buy” rating in a report on Friday, July 19th. Finally, Citigroup lifted their price objective on shares of KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.65.

KeyCorp Stock Performance

Shares of NYSE:KEY opened at $17.12 on Friday. The firm has a market cap of $16.14 billion, a PE ratio of 21.67, a price-to-earnings-growth ratio of 0.90 and a beta of 1.25. The firm’s 50 day simple moving average is $16.05 and its 200-day simple moving average is $15.10. KeyCorp has a one year low of $9.50 and a one year high of $17.39. 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 (NYSE:KEY) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The business 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%. The company’s quarterly 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 predict that KeyCorp will post 1.09 EPS for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th were given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date of this dividend was Tuesday, August 27th. KeyCorp’s dividend payout ratio (DPR) is presently 103.80%.

Insider Transactions 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. Corporate insiders own 0.61% of the company’s stock.

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.