KeyCorp $KEY Shares Sold by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC reduced its position in shares of KeyCorp (NYSE:KEY) by 55.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,854 shares of the financial services provider’s stock after selling 55,535 shares during the period. Greenwood Capital Associates LLC’s holdings in KeyCorp were worth $879,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Maseco LLP acquired a new stake in shares of KeyCorp during the 4th quarter valued at $27,000. DV Equities LLC bought a new stake in shares of KeyCorp during the 4th quarter worth $27,000. GoalVest Advisory LLC acquired a new position in shares of KeyCorp in the 4th quarter worth $30,000. Smithfield Trust Co acquired a new position in shares of KeyCorp in the 4th quarter worth $31,000. Finally, Kelleher Financial Advisors acquired a new stake in shares of KeyCorp during the third quarter worth $32,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. TD Cowen reaffirmed a “buy” rating and set a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Jefferies Financial Group lifted their price target on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, April 17th. Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Wells Fargo & Company upped their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Morgan Stanley upped their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and an average price target of $47.34.

KeyCorp Price Performance

Shares of KEY opened at $23.07 on Friday. The company has a market capitalization of $24.90 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 0.71 and a beta of 1.02. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $23.72. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The business’s 50-day moving average is $22.09 and its 200-day moving average is $21.43.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. Equities research analysts expect that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were given a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp’s dividend payout ratio is presently 50.31%.

KeyCorp declared that its board has approved a share repurchase program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the sale, the insider directly owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is currently owned by insiders.

KeyCorp Company 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.