KeyCorp (NYSE:KEY) Insider Andrew Paine III Sells 65,961 Shares of Stock

KeyCorp (NYSE:KEY) insider Andrew Paine III sold 65,961 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $23.23, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

KeyCorp Stock Down 0.3%

Shares of NYSE:KEY opened at $22.95 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55. The company has a fifty day simple moving average of $21.13 and a 200 day simple moving average of $19.23. The firm has a market cap of $25.08 billion, a PE ratio of 15.10, a price-to-earnings-growth ratio of 0.56 and a beta of 1.10. KeyCorp has a 12-month low of $12.73 and a 12-month high of $23.34.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The firm’s quarterly revenue was up 131.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 earnings per share. On average, equities research analysts anticipate that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. KeyCorp’s dividend payout ratio (DPR) is presently 53.95%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP boosted its position in KeyCorp by 2,258.4% during the 2nd quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock worth $44,821,000 after acquiring an additional 2,463,880 shares during the period. Nordea Investment Management AB lifted its position in shares of KeyCorp by 23.2% in the second quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock worth $1,867,000 after purchasing an additional 20,228 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of KeyCorp by 9.9% in the second quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock worth $10,018,000 after purchasing an additional 51,705 shares in the last quarter. Korea Investment CORP boosted its holdings in shares of KeyCorp by 175.5% during the second quarter. Korea Investment CORP now owns 447,252 shares of the financial services provider’s stock worth $7,791,000 after purchasing an additional 284,928 shares during the period. Finally, HoldCo Asset Management LP purchased a new position in KeyCorp during the second quarter valued at approximately $86,995,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analysts Set New Price Targets

KEY has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on KeyCorp from $22.00 to $24.50 and gave the company a “neutral” rating in a research note on Monday. TD Cowen reiterated a “buy” rating on shares of KeyCorp in a report on Wednesday, January 7th. Evercore ISI upped their price target on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Weiss Ratings restated a “hold (c+)” rating on shares of KeyCorp in a research note on Monday, December 29th. Finally, Wells Fargo & Company set a $18.00 target price on shares of KeyCorp and gave the company an “underperform” rating in a research note on Tuesday, January 6th. Twelve equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $23.03.

KeyCorp News Roundup

Here are the key news stories impacting KeyCorp this week:

• Positive Sentiment: JPMorgan raised its price target on KEY from $22.00 to $24.50 and kept a “neutral” rating, signaling modest upside and providing support for the recent rally. JPMorgan price target raise
• Positive Sentiment: Activist HoldCo said it will not pursue proxy fights at KeyCorp after the bank agreed to key changes, removing a governance overhang and reducing activist-driven uncertainty. Activist HoldCo backs off
• Positive Sentiment: KeyBank expanded its middle?market capabilities by adding a five?person family office and private capital team led by Ward Nixon, highlighting strategic growth initiatives in higher?margin commercial banking. KeyBank family office hire
• Positive Sentiment: Observers flagged KeyCorp reaching a new 1?year high after analyst coverage improvements, a driver of recent momentum but also of near?term profit taking. KeyCorp reaches new 1-year high
• Neutral Sentiment: Management presented at recent industry conferences (UBS and Bank of America); transcripts are available — useful for investors who want updated management commentary on strategy, capital deployment and loan growth, but they contained no headline surprises. UBS presentation BofA transcript
• Negative Sentiment: Insider Andrew J. Paine III sold 65,961 shares at an average price of $23.23 (about $1.53M), reducing his stake by ~28%. Large insider selling can trigger near?term selling pressure and raise investor caution even if disclosed as routine. Insider sale disclosure

About KeyCorp

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.