Azora Capital LP Acquires 3,049,155 Shares of KeyCorp $KEY

Azora Capital LP raised its holdings in KeyCorp (NYSE:KEY) by 131.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 5,369,008 shares of the financial services provider’s stock after acquiring an additional 3,049,155 shares during the quarter. KeyCorp makes up about 4.2% of Azora Capital LP’s portfolio, making the stock its 5th largest holding. Azora Capital LP’s holdings in KeyCorp were worth $93,528,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Dakota Wealth Management increased its holdings in KeyCorp by 2.2% in the second quarter. Dakota Wealth Management now owns 27,374 shares of the financial services provider’s stock valued at $477,000 after purchasing an additional 586 shares during the period. Bryn Mawr Trust Advisors LLC grew its position in shares of KeyCorp by 4.8% in the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 13,363 shares of the financial services provider’s stock valued at $233,000 after buying an additional 608 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV increased its stake in shares of KeyCorp by 2.9% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 22,412 shares of the financial services provider’s stock valued at $389,000 after buying an additional 639 shares during the period. Amalgamated Bank increased its stake in shares of KeyCorp by 0.4% in the second quarter. Amalgamated Bank now owns 187,940 shares of the financial services provider’s stock valued at $3,274,000 after buying an additional 683 shares during the period. Finally, Greenleaf Trust raised its position in shares of KeyCorp by 5.7% during the second quarter. Greenleaf Trust now owns 12,738 shares of the financial services provider’s stock worth $222,000 after acquiring an additional 691 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Up 3.0%

KEY stock opened at $19.97 on Wednesday. The stock’s 50 day simple moving average is $17.95 and its 200 day simple moving average is $17.90. The company has a market cap of $21.82 billion, a P/E ratio of 24.65, a price-to-earnings-growth ratio of 0.58 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.33.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, beating 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 firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the company posted ($0.47) earnings per share. The company’s quarterly revenue was up 172.7% on a year-over-year basis. On average, research analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Tuesday, December 2nd. KeyCorp’s dividend payout ratio (DPR) is 101.23%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. DA Davidson decreased their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Keefe, Bruyette & Woods upped their price objective on shares of KeyCorp from $20.50 to $21.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Royal Bank Of Canada lifted their target price on shares of KeyCorp from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Weiss Ratings restated a “hold (c+)” rating on shares of KeyCorp in a report on Monday. Finally, Jefferies Financial Group increased their price target on KeyCorp from $18.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, December 1st. Ten investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.78.

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.