Azora Capital LP Invests $92.41 Million in KeyCorp (NYSE:KEY)

Azora Capital LP acquired a new stake in shares of KeyCorp (NYSE:KEY) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,517,182 shares of the financial services provider’s stock, valued at approximately $92,413,000. KeyCorp accounts for about 5.0% of Azora Capital LP’s investment portfolio, making the stock its 4th largest holding. Azora Capital LP owned about 0.56% of KeyCorp at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC lifted its holdings in shares of KeyCorp by 285.5% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,542 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,142 shares during the period. American Capital Advisory LLC purchased a new stake in KeyCorp during the third quarter valued at $28,000. Larson Financial Group LLC lifted its holdings in KeyCorp by 90.8% in the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 918 shares during the period. Catalyst Capital Advisors LLC purchased a new position in KeyCorp in the third quarter worth about $35,000. Finally, Capital Performance Advisors LLP bought a new stake in shares of KeyCorp during the 3rd quarter valued at about $38,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Trading Down 0.2 %

Shares of KEY opened at $19.48 on Monday. KeyCorp has a 1 year low of $12.22 and a 1 year high of $20.04. The company has a 50 day simple moving average of $17.83 and a two-hundred day simple moving average of $16.12. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $19.31 billion, a P/E ratio of 1,948.00, a price-to-earnings-growth ratio of 1.07 and a beta of 1.25.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.03. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.59 billion. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. On average, equities analysts expect that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, December 3rd will be given a $0.205 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.21%. KeyCorp’s dividend payout ratio is currently 8,200.00%.

Insider Activity at KeyCorp

In related news, insider Angela G. Mago sold 15,011 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total value of $294,065.49. Following the sale, the insider now owns 234,582 shares in the company, valued at approximately $4,595,461.38. The trade was a 6.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Carlton L. Highsmith sold 9,000 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total transaction of $154,260.00. Following the transaction, the director now owns 37,864 shares of the company’s stock, valued at $648,988.96. This trade represents a 19.20 % decrease in their position. The disclosure for this sale can be found here. 0.67% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on KEY. Evercore ISI raised their price objective on shares of KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research report on Tuesday, September 10th. The Goldman Sachs Group boosted their price objective on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. DA Davidson raised their target price on KeyCorp from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Jefferies Financial Group lifted their target price on KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.26.

About KeyCorp

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.