Peapack Gladstone Financial Corp Lowers Stock Position in KeyCorp (NYSE:KEY)

Peapack Gladstone Financial Corp trimmed its position in shares of KeyCorp (NYSE:KEY) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 270,284 shares of the financial services provider’s stock after selling 3,992 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in KeyCorp were worth $4,528,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in KEY. Wilmington Savings Fund Society FSB acquired a new position in shares of KeyCorp during the third quarter valued at approximately $395,000. Sanctuary Advisors LLC grew its holdings in shares of KeyCorp by 23.8% during the third quarter. Sanctuary Advisors LLC now owns 71,218 shares of the financial services provider’s stock worth $1,193,000 after buying an additional 13,701 shares in the last quarter. Unigestion Holding SA acquired a new stake in shares of KeyCorp in the third quarter valued at about $558,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of KeyCorp by 1,974.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,541,680 shares of the financial services provider’s stock worth $25,823,000 after buying an additional 1,467,351 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in KeyCorp by 68.7% during the third quarter. Toronto Dominion Bank now owns 460,441 shares of the financial services provider’s stock worth $7,712,000 after acquiring an additional 187,587 shares during the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at KeyCorp

In other news, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total transaction of $154,260.00. Following the completion of the transaction, the director now directly owns 37,864 shares of the company’s stock, valued at approximately $648,988.96. The trade was a 19.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Angela G. Mago sold 15,011 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total transaction of $294,065.49. Following the completion of the sale, the insider now directly owns 234,582 shares in the company, valued at approximately $4,595,461.38. This trade represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.61% of the company’s stock.

KeyCorp Price Performance

KEY opened at $18.13 on Friday. The firm has a market cap of $17.97 billion, a price-to-earnings ratio of 1,813.00, a PEG ratio of 1.00 and a beta of 1.25. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.09. The stock’s 50-day moving average price is $18.24 and its 200 day moving average price is $16.37. KeyCorp has a 12-month low of $12.94 and a 12-month high of $20.04.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $0.30 EPS for the quarter, beating the consensus estimate of $0.27 by $0.03. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.59 billion. As a group, sell-side analysts expect that KeyCorp will post 1.09 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $0.82 annualized dividend and a dividend yield of 4.52%. KeyCorp’s dividend payout ratio (DPR) is 8,200.00%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on KEY shares. Baird R W lowered shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. Robert W. Baird downgraded KeyCorp from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $18.00 to $17.00 in a research report on Monday, October 14th. Citigroup downgraded KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 target price for the company. in a research note on Thursday, November 7th. Barclays boosted their price target on shares of KeyCorp from $16.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Finally, Jefferies Financial Group raised their price objective on shares of KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.16.

KeyCorp Company Profile

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.