Paragon Capital Management Ltd Makes New $240,000 Investment in KeyCorp $KEY

Paragon Capital Management Ltd bought a new position in shares of KeyCorp (NYSE:KEY) in the 2nd quarter, HoldingsChannel.com reports. The fund bought 13,798 shares of the financial services provider’s stock, valued at approximately $240,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Patton Fund Management Inc. bought a new stake in shares of KeyCorp during the second quarter worth about $261,000. CX Institutional grew its holdings in shares of KeyCorp by 26.4% during the second quarter. CX Institutional now owns 13,257 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 2,768 shares during the last quarter. Register Financial Advisors LLC bought a new stake in shares of KeyCorp during the second quarter worth about $527,000. Dakota Wealth Management grew its holdings in shares of KeyCorp by 2.2% during the second quarter. Dakota Wealth Management now owns 27,374 shares of the financial services provider’s stock worth $477,000 after purchasing an additional 586 shares during the last quarter. Finally, Perigon Wealth Management LLC grew its holdings in shares of KeyCorp by 5.8% during the second quarter. Perigon Wealth Management LLC now owns 19,125 shares of the financial services provider’s stock worth $333,000 after purchasing an additional 1,047 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Citigroup restated a “neutral” rating and set a $20.00 price target (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Truist Financial boosted their price target on KeyCorp from $17.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, July 28th. Baird R W cut KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 2nd. Bank of America upped their target price on KeyCorp from $18.00 to $20.00 and gave the company a “buy” rating in a report on Monday, June 16th. Finally, Wells Fargo & Company upped their target price on KeyCorp from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.58.

Insiders Place Their Bets

In other KeyCorp news, CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the transaction, the chief executive officer directly owned 619,895 shares in the company, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Trina M. Evans sold 17,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total value of $317,390.00. Following the transaction, the director owned 82,719 shares in the company, valued at $1,544,363.73. The trade was a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 174,102 shares of company stock worth $3,299,664. Corporate insiders own 0.52% of the company’s stock.

KeyCorp Stock Performance

Shares of KEY stock opened at $18.89 on Friday. The business’s 50 day simple moving average is $18.58 and its 200 day simple moving average is $16.85. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The stock has a market capitalization of $20.71 billion, a PE ratio of -269.79, a PEG ratio of 0.66 and a beta of 1.15. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.25 EPS. As a group, research analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Tuesday, September 2nd. KeyCorp’s dividend payout ratio is presently -1,171.43%.

KeyCorp 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.