Lumbard & Kellner LLC Sells 2,260 Shares of KeyCorp (NYSE:KEY)

Lumbard & Kellner LLC trimmed its position in KeyCorp (NYSE:KEY) by 16.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,500 shares of the financial services provider’s stock after selling 2,260 shares during the quarter. Lumbard & Kellner LLC’s holdings in KeyCorp were worth $184,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of KeyCorp in the fourth quarter worth $153,235,000. Vanguard Group Inc. lifted its stake in shares of KeyCorp by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock valued at $2,004,228,000 after buying an additional 7,754,576 shares in the last quarter. Freestone Grove Partners LP bought a new position in KeyCorp in the 4th quarter worth $63,540,000. FMR LLC boosted its holdings in KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock worth $761,556,000 after buying an additional 2,938,405 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in KeyCorp in the 4th quarter worth $42,827,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of NYSE:KEY opened at $15.99 on Thursday. The firm has a fifty day simple moving average of $15.45 and a two-hundred day simple moving average of $16.43. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $17.53 billion, a P/E ratio of -94.08, a PEG ratio of 0.59 and a beta of 1.09.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the firm earned $0.20 EPS. On average, analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp announced that its board has authorized a share buyback program on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th were paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 5.13%. The ex-dividend date of this dividend was Tuesday, May 27th. KeyCorp’s payout ratio is -482.35%.

Insider Transactions at KeyCorp

In related news, insider Mohit Ramani purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were bought at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the acquisition, the insider now owns 10,000 shares of the company’s stock, valued at approximately $137,500. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Amy G. Brady sold 19,000 shares of KeyCorp stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the transaction, the insider now directly owns 82,523 shares of the company’s stock, valued at $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.

Analyst Ratings Changes

KEY has been the topic of several research analyst reports. Royal Bank Of Canada restated an “outperform” rating on shares of KeyCorp in a research report on Thursday, April 17th. Barclays lowered their price target on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Wells Fargo & Company restated an “overweight” rating on shares of KeyCorp in a research note on Thursday, April 17th. Evercore ISI set a $17.00 price objective on shares of KeyCorp in a research report on Monday, April 28th. Finally, Bank of America boosted their target price on shares of KeyCorp from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Monday. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.92.

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.