Neuberger Berman Group LLC lowered its position in shares of KeyCorp (NYSE:KEY) by 87.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,820 shares of the financial services provider’s stock after selling 306,887 shares during the quarter. Neuberger Berman Group LLC’s holdings in KeyCorp were worth $844,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in KEY. Zions Bancorporation boosted its position in KeyCorp by 2,277.5% during the 3rd quarter. Zions Bancorporation now owns 5,706 shares of the financial services provider’s stock worth $107,000 after acquiring an additional 5,466 shares during the last quarter. Bank of Nova Scotia Trust Co. acquired a new position in KeyCorp during the 3rd quarter worth approximately $132,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in KeyCorp during the 3rd quarter worth approximately $145,000. Sun Life Financial INC boosted its position in KeyCorp by 80,370.0% during the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 8,037 shares during the last quarter. Finally, AllSquare Wealth Management LLC acquired a new position in KeyCorp during the 3rd quarter worth approximately $173,000. 80.91% of the stock is owned by hedge funds and other institutional investors.
Shares of KeyCorp (KEY) opened at $20.17 on Wednesday. KeyCorp has a 12 month low of $16.28 and a 12 month high of $20.58. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $21,690.82, a price-to-earnings ratio of 17.69, a P/E/G ratio of 1.68 and a beta of 1.10.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Tuesday, November 28th were paid a $0.105 dividend. This represents a $0.42 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Monday, November 27th. This is a boost from KeyCorp’s previous quarterly dividend of $0.10. KeyCorp’s dividend payout ratio is 36.84%.
A number of research firms have weighed in on KEY. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research report on Thursday, October 19th. CIBC reiterated a “buy” rating on shares of KeyCorp in a research note on Friday, December 8th. Barclays upped their price objective on KeyCorp from $19.00 to $23.00 and gave the stock an “underweight” rating in a research note on Tuesday. Citigroup upped their price objective on KeyCorp from $19.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, October 9th. Finally, Stephens upgraded KeyCorp from an “equal weight” rating to an “overweight” rating and set a $23.00 price objective on the stock in a research note on Thursday, December 14th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seventeen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $21.56.
In related news, General Counsel Paul N. Harris sold 2,758 shares of the stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $18.54, for a total value of $51,133.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Andrew J. Paine III sold 46,854 shares of the stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $18.56, for a total value of $869,610.24. Following the completion of the sale, the insider now owns 110,052 shares in the company, valued at approximately $2,042,565.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,212 shares of company stock worth $1,060,508. 0.65% of the stock is owned by company insiders.
KeyCorp Company Profile
KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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