Hamlin Capital Management LLC Invests $52.67 Million in KeyCorp (NYSE:KEY)

Hamlin Capital Management LLC acquired a new position in KeyCorp (NYSE:KEY) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,967,575 shares of the financial services provider’s stock, valued at approximately $52,674,000. KeyCorp comprises approximately 2.3% of Hamlin Capital Management LLC’s holdings, making the stock its 23rd biggest position. Hamlin Capital Management LLC owned about 0.29% of KeyCorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in KEY. Comerica Securities Inc. grew its position in KeyCorp by 3.6% during the fourth quarter. Comerica Securities Inc. now owns 55,717 shares of the financial services provider’s stock worth $823,000 after buying an additional 1,948 shares during the period. Dimensional Fund Advisors LP grew its position in KeyCorp by 23.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,672,672 shares of the financial services provider’s stock worth $142,957,000 after buying an additional 1,811,571 shares during the period. Geode Capital Management LLC grew its position in KeyCorp by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 13,284,088 shares of the financial services provider’s stock worth $195,989,000 after buying an additional 767,195 shares during the period. D. E. Shaw & Co. Inc. acquired a new position in KeyCorp during the fourth quarter worth about $1,261,000. Finally, Gotham Asset Management LLC acquired a new position in KeyCorp during the fourth quarter worth about $247,000. Hedge funds and other institutional investors own 80.44% of the company’s stock.

Shares of NYSE KEY opened at $17.32 on Friday. KeyCorp has a 1 year low of $13.65 and a 1 year high of $21.91. The stock’s 50 day moving average price is $17.63. The firm has a market capitalization of $18.69 billion, a price-to-earnings ratio of 10.01, a P/E/G ratio of 0.66 and a beta of 1.25. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 0.91.

KeyCorp (NYSE:KEY) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.44. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. KeyCorp had a net margin of 23.15% and a return on equity of 12.82%. KeyCorp’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.44 earnings per share. Analysts anticipate that KeyCorp will post 1.8 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th will be paid a dividend of $0.185 per share. The ex-dividend date of this dividend is Monday, August 26th. This represents a $0.74 dividend on an annualized basis and a yield of 4.27%. This is an increase from KeyCorp’s previous quarterly dividend of $0.17. KeyCorp’s dividend payout ratio (DPR) is currently 39.31%.

KEY has been the topic of several research reports. Jefferies Financial Group increased their price target on shares of KeyCorp from $20.00 to $18.50 and gave the company a “buy” rating in a research report on Monday, May 6th. Zacks Investment Research lowered shares of KeyCorp from a “hold” rating to a “sell” rating and set a $20.00 price target on the stock. in a research report on Monday, July 8th. Wood & Company reiterated an “average” rating and issued a $38.00 price target on shares of KeyCorp in a research report on Thursday, May 16th. BMO Capital Markets increased their price target on shares of KeyCorp from $19.00 to $20.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. lowered shares of KeyCorp from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $18.00 to $17.00 in a research report on Thursday, April 4th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $23.03.

In other KeyCorp news, insider Amy G. Brady sold 13,238 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $17.00, for a total transaction of $225,046.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Andrew J. Paine III sold 99,999 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $18.26, for a total transaction of $1,825,981.74. Following the transaction, the insider now directly owns 85,469 shares in the company, valued at approximately $1,560,663.94. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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