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

Peapack Gladstone Financial Corp trimmed its holdings in KeyCorp (NYSE:KEY) by 1.5% in the third quarter, HoldingsChannel.com reports. The firm 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 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC boosted its holdings in shares of KeyCorp by 285.5% in 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 in the last quarter. American Capital Advisory LLC purchased a new stake in KeyCorp in the third quarter valued at $28,000. Larson Financial Group LLC boosted its stake 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 in the last quarter. Catalyst Capital Advisors LLC acquired a new stake in shares of KeyCorp during the third quarter worth about $35,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of KeyCorp during the third quarter worth about $38,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

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

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share for the quarter, topping 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 company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. Analysts expect that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

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

Insider Activity at KeyCorp

In related news, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the sale, the director now directly owns 37,864 shares in the company, valued at $648,988.96. The trade was a 19.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Angela G. Mago sold 15,011 shares of the stock in a transaction dated 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. The trade was a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

KEY has been the topic of a number of research reports. Wedbush raised their price target on KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 24th. Jefferies Financial Group raised their target price 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. Barclays upped 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. DA Davidson raised their price objective on shares of KeyCorp from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Piper Sandler upped their target price on shares of KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average price target of $19.16.

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.