Neuberger Berman Group LLC Has $2.32 Million Holdings in KeyCorp $KEY

Neuberger Berman Group LLC increased its position in KeyCorp (NYSE:KEY) by 10.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 132,893 shares of the financial services provider’s stock after purchasing an additional 12,467 shares during the period. Neuberger Berman Group LLC’s holdings in KeyCorp were worth $2,315,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Activest Wealth Management grew its stake in shares of KeyCorp by 8,775.0% in the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock valued at $25,000 after buying an additional 1,404 shares in the last quarter. Tompkins Financial Corp acquired a new stake in KeyCorp in the second quarter valued at approximately $26,000. Zions Bancorporation National Association UT bought a new stake in KeyCorp in the first quarter worth approximately $28,000. Elevation Point Wealth Partners LLC bought a new stake in KeyCorp in the second quarter worth approximately $36,000. Finally, Concord Wealth Partners increased its stake in shares of KeyCorp by 71.5% during the 2nd quarter. Concord Wealth Partners now owns 2,183 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 910 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Activity at KeyCorp

In other news, insider Andrew J. Paine III sold 44,953 shares of the business’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the sale, the insider owned 245,044 shares in the company, valued at $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.52% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Jefferies Financial Group dropped their target price on shares of KeyCorp from $20.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, October 17th. Wells Fargo & Company boosted their price objective on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, October 3rd. UBS Group increased their target price on KeyCorp from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods lifted their price target on KeyCorp from $20.50 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Finally, JPMorgan Chase & Co. upped their price target on KeyCorp from $19.00 to $19.50 and gave the stock a “neutral” rating in a report on Friday, October 10th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $20.62.

KeyCorp Stock Performance

NYSE KEY opened at $18.38 on Friday. The firm has a market cap of $20.09 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 0.52 and a beta of 1.18. KeyCorp has a 1-year low of $12.73 and a 1-year high of $19.61. The company has a 50 day moving average of $17.91 and a 200-day moving average of $17.74. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.38 by $0.03. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the business earned ($0.47) earnings per share. The business’s revenue for the quarter was up 172.7% on a year-over-year basis. On average, equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Tuesday, December 2nd. KeyCorp’s dividend payout ratio (DPR) is presently 101.23%.

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.