Picton Mahoney Asset Management Lowers Holdings in KeyCorp (NYSE:KEY)

Picton Mahoney Asset Management reduced its position in shares of KeyCorp (NYSE:KEY) by 15.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 891,325 shares of the financial services provider’s stock after selling 163,200 shares during the quarter. KeyCorp comprises about 1.3% of Picton Mahoney Asset Management’s portfolio, making the stock its 23rd biggest position. Picton Mahoney Asset Management owned approximately 0.08% of KeyCorp worth $16,777,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of KEY. Harel Insurance Investments & Financial Services Ltd. acquired a new position in KeyCorp during the 3rd quarter worth approximately $145,000. Sun Life Financial INC raised its stake in shares of KeyCorp by 80,370.0% in the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 8,037 shares during the last quarter. AllSquare Wealth Management LLC purchased a new stake in shares of KeyCorp in the third quarter worth approximately $173,000. Quantbot Technologies LP purchased a new stake in shares of KeyCorp in the second quarter worth approximately $174,000. Finally, Connable Office Inc. purchased a new stake in shares of KeyCorp in the third quarter worth approximately $195,000. 81.20% of the stock is currently owned by institutional investors and hedge funds.

KEY has been the subject of several analyst reports. Wells Fargo & Company initiated coverage on KeyCorp in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $19.00 price objective for the company. Sanford C. Bernstein raised KeyCorp from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $21.00 to $22.00 in a research note on Thursday, September 14th. Zacks Investment Research downgraded KeyCorp from a “hold” rating to a “sell” rating in a research note on Tuesday, September 19th. Robert W. Baird reissued a “hold” rating and issued a $18.00 price objective on shares of KeyCorp in a research note on Friday, October 6th. Finally, Citigroup increased their price target on KeyCorp from $19.00 to $20.00 and gave the company a “neutral” rating in a research report on Monday, October 9th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company. KeyCorp presently has an average rating of “Hold” and an average target price of $21.09.

In other news, Director Carlton L. Highsmith sold 7,600 shares of the firm’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $18.39, for a total value of $139,764.00. Following the completion of the transaction, the director now directly owns 68,725 shares of the company’s stock, valued at $1,263,852.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elizabeth R. Gile purchased 1,374 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The stock was bought at an average cost of $18.23 per share, with a total value of $25,048.02. Following the completion of the acquisition, the director now directly owns 24,989 shares of the company’s stock, valued at $455,549.47. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 57,212 shares of company stock valued at $1,060,508. 0.65% of the stock is owned by corporate insiders.

Shares of KeyCorp (NYSE:KEY) traded up $0.05 during midday trading on Thursday, reaching $19.38. The company’s stock had a trading volume of 10,170,200 shares, compared to its average volume of 10,996,497. KeyCorp has a 1-year low of $16.28 and a 1-year high of $19.93. The company has a market capitalization of $20,787.48, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 1.76 and a beta of 1.10. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.06.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same period in the prior year, the company earned $0.30 earnings per share. KeyCorp’s revenue was up 13.7% compared to the same quarter last year. equities research analysts anticipate that KeyCorp will post 1.37 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th will be issued a dividend of $0.105 per share. This represents a $0.42 annualized dividend and a yield of 2.17%. This is a positive change from KeyCorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, November 27th. KeyCorp’s dividend payout ratio is 36.84%.

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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.

Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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