Rhumbline Advisers Reduces Stock Position in KeyCorp $KEY

Rhumbline Advisers trimmed its holdings in shares of KeyCorp (NYSE:KEY) by 4.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,816,835 shares of the financial services provider’s stock after selling 75,328 shares during the quarter. Rhumbline Advisers owned 0.17% of KeyCorp worth $33,957,000 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. United Community Bank purchased a new stake in KeyCorp during the third quarter valued at approximately $27,000. Sachetta LLC increased its position in shares of KeyCorp by 1,246.1% during the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 1,595 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in KeyCorp during the 2nd quarter valued at $36,000. Root Financial Partners LLC bought a new stake in KeyCorp in the third quarter worth $37,000. Finally, Capital A Wealth Management LLC boosted its stake in KeyCorp by 252.8% during the second quarter. Capital A Wealth Management LLC now owns 2,237 shares of the financial services provider’s stock worth $39,000 after buying an additional 1,603 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on KEY shares. Truist Financial increased their target price on shares of KeyCorp from $22.00 to $23.00 and gave the company a “hold” rating in a research note on Monday, January 26th. Jefferies Financial Group increased their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday, December 10th. Royal Bank Of Canada raised their price objective on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. TD Cowen reaffirmed a “buy” rating on shares of KeyCorp in a research note on Wednesday, January 7th. Finally, Argus increased their price target on KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Twelve research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, KeyCorp presently has a consensus rating of “Hold” and a consensus price target of $23.03.

KeyCorp Stock Performance

KeyCorp stock opened at $21.67 on Friday. The company has a 50 day moving average price of $21.31 and a 200-day moving average price of $19.30. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $23.34. The company has a market capitalization of $23.68 billion, a PE ratio of 14.25, a P/E/G ratio of 0.53 and a beta of 1.10.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.KeyCorp’s revenue was up 131.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.30 earnings per share. As a group, equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s payout ratio is presently 53.95%.

Insider Buying and Selling

In other KeyCorp news, insider Andrew J. Paine III sold 65,961 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the transaction, the insider owned 166,583 shares of the company’s stock, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Trina M. Evans sold 32,695 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the completion of the sale, the director directly owned 58,719 shares of the company’s stock, valued at $1,276,551.06. The trade was a 35.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 161,506 shares of company stock valued at $3,597,481 over the last three months. 0.52% of the stock is owned by company insiders.

KeyCorp Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.