Amalgamated Bank Decreases Stake in KeyCorp (NYSE:KEY)

Amalgamated Bank reduced its position in KeyCorp (NYSE:KEY) by 5.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 302,978 shares of the financial services provider’s stock after selling 17,419 shares during the period. Amalgamated Bank’s holdings in KeyCorp were worth $4,305,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. 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. lifted its position in shares of KeyCorp by 87.5% in the second quarter. Assenagon Asset Management S.A. now owns 1,308,797 shares of the financial services provider’s stock worth $18,598,000 after buying an additional 610,688 shares in the last quarter. Commerce Bank lifted its position 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 worth $7,212,000 after buying an additional 364,850 shares in the last quarter. Cibc World Markets Corp lifted its position in shares of 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 buying an additional 66,806 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new stake in shares of KeyCorp in the fourth quarter worth about $801,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Down 1.3 %

Shares of NYSE:KEY opened at $17.12 on Friday. KeyCorp has a 52-week low of $9.50 and a 52-week high of $17.39. The stock has a market cap of $16.14 billion, a P/E ratio of 21.67, a price-to-earnings-growth ratio of 0.90 and a beta of 1.25. The business’s 50 day moving average is $16.05 and its 200 day moving average is $15.10. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.37.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the prior year, the firm earned $0.27 earnings per share. KeyCorp’s revenue was down 4.3% compared to the same quarter last year. Sell-side analysts predict that KeyCorp will post 1.09 EPS for the current year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were paid a $0.205 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $0.82 annualized dividend and a yield of 4.79%. KeyCorp’s dividend payout ratio (DPR) is currently 103.80%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Evercore ISI reduced their price objective on KeyCorp from $17.50 to $16.50 and set an “outperform” rating on the stock in a research note on Tuesday, June 25th. Citigroup boosted their price objective on KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, August 13th. DA Davidson boosted their price objective on KeyCorp from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Jefferies Financial Group boosted their price objective on KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Tuesday, September 10th. One equities 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.65.

Insider Buying and Selling

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