Western Wealth Management LLC Sells 11,447 Shares of KeyCorp (NYSE:KEY)

Western Wealth Management LLC decreased its position in KeyCorp (NYSE:KEY) by 15.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 61,824 shares of the financial services provider’s stock after selling 11,447 shares during the period. Western Wealth Management LLC’s holdings in KeyCorp were worth $1,060,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Whittier Trust Co. boosted its holdings in shares of KeyCorp by 110.3% in the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC purchased a new stake in shares of KeyCorp in the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of KeyCorp in the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of KeyCorp in the fourth quarter valued at approximately $34,000. Finally, TCTC Holdings LLC boosted its holdings in shares of KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 611 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of KEY opened at $15.69 on Friday. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04. The stock has a fifty day moving average price of $15.19 and a 200-day moving average price of $16.86. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The firm has a market cap of $17.20 billion, a PE ratio of -52.30, a P/E/G ratio of 0.65 and a beta of 1.08.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the business posted $0.20 EPS. Equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp declared that its board has initiated a stock repurchase plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $0.82 annualized dividend and a dividend yield of 5.23%. KeyCorp’s dividend payout ratio is presently -482.35%.

Insider Activity

In related news, Director Carlton L. Highsmith sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the transaction, the director now directly owns 37,177 shares of the company’s stock, valued at $617,138.20. This represents a 11.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mohit Ramani bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the completion of the transaction, the insider now owns 10,000 shares in the company, valued at $137,500. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.52% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on KEY shares. Baird R W upgraded KeyCorp from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Wells Fargo & Company reiterated an “overweight” rating on shares of KeyCorp in a report on Thursday, April 17th. Jefferies Financial Group started coverage on KeyCorp in a report on Wednesday. They set a “hold” rating and a $18.00 target price for the company. Truist Financial lowered their target price on KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, April 22nd. Finally, Morgan Stanley restated an “equal weight” rating on shares of KeyCorp in a report on Thursday, April 17th. Eleven analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.86.

KeyCorp Company 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.