Tower Bridge Advisors Grows Holdings in KeyCorp (KEY)

Tower Bridge Advisors lifted its position in KeyCorp (NYSE:KEY) by 1.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 721,186 shares of the financial services provider’s stock after acquiring an additional 12,555 shares during the period. KeyCorp accounts for approximately 1.6% of Tower Bridge Advisors’ investment portfolio, making the stock its 14th biggest holding. Tower Bridge Advisors owned about 0.07% of KeyCorp worth $14,546,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Zions Bancorporation increased its position in shares of KeyCorp by 2,277.5% in the 3rd quarter. Zions Bancorporation now owns 5,706 shares of the financial services provider’s stock valued at $107,000 after acquiring an additional 5,466 shares during the period. Bank of Nova Scotia Trust Co. acquired a new position in shares of KeyCorp in the 3rd quarter valued at $132,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of KeyCorp in the 3rd quarter valued at $145,000. Sun Life Financial INC increased its position in shares of KeyCorp by 80,370.0% in the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 8,037 shares during the period. Finally, AllSquare Wealth Management LLC acquired a new position in shares of KeyCorp in the 3rd quarter valued at $173,000. 82.19% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have weighed in on the company. 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 reaffirmed a “buy” rating on shares of KeyCorp in a research report on Friday, December 8th. Barclays increased their price target on KeyCorp from $19.00 to $23.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 2nd. Stephens raised KeyCorp from an “equal weight” rating to an “overweight” rating and set a $23.00 price target on the stock in a research report on Thursday, December 14th. Finally, DA Davidson increased their price target on KeyCorp to $26.00 and gave the stock a “buy” rating in a research report on Friday, January 19th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eighteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $22.07.

In related news, insider Craig A. Buffie sold 11,819 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $21.21, for a total value of $250,680.99. Following the transaction, the insider now directly owns 51,791 shares of the company’s stock, valued at approximately $1,098,487.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Elizabeth R. Gile purchased 1,374 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was bought at an average cost of $18.23 per share, for a total transaction of $25,048.02. Following the completion of the purchase, the director now directly owns 24,989 shares in the company, valued at approximately $455,549.47. The disclosure for this purchase can be found here. Company insiders own 0.65% of the company’s stock.

KeyCorp (KEY) traded up $0.46 during mid-day trading on Wednesday, hitting $21.01. 5,398,796 shares of the stock traded hands, compared to its average volume of 10,595,893. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.88 and a current ratio of 0.89. KeyCorp has a twelve month low of $16.28 and a twelve month high of $22.22. The stock has a market cap of $22,012.44, a price-to-earnings ratio of 18.71, a P/E/G ratio of 1.54 and a beta of 1.04.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, January 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. KeyCorp had a net margin of 18.06% and a return on equity of 10.66%. During the same period in the prior year, the company posted $0.31 EPS. research analysts expect that KeyCorp will post 1.67 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Tuesday, February 27th will be paid a $0.105 dividend. This represents a $0.42 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Monday, February 26th. KeyCorp’s dividend payout ratio is presently 37.50%.

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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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