NewEdge Advisors LLC Sells 76,742 Shares of KeyCorp $KEY

NewEdge Advisors LLC lowered its holdings in KeyCorp (NYSE:KEY) by 72.1% during the first quarter, Holdings Channel.com reports. The firm owned 29,695 shares of the financial services provider’s stock after selling 76,742 shares during the period. NewEdge Advisors LLC’s holdings in KeyCorp were worth $595,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in KEY. Kentucky Retirement Systems grew its holdings in shares of KeyCorp by 24.7% in the 1st quarter. Kentucky Retirement Systems now owns 74,031 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 14,662 shares during the period. Janus Henderson Group PLC grew its position in shares of KeyCorp by 45.2% in the 1st quarter. Janus Henderson Group PLC now owns 103,215 shares of the financial services provider’s stock valued at $2,070,000 after acquiring an additional 32,150 shares during the period. Bull Harbor Capital LLC acquired a new position in KeyCorp during the first quarter worth approximately $393,000. Amundi raised its stake in KeyCorp by 109.9% in the 1st quarter. Amundi now owns 3,561,798 shares of the financial services provider’s stock valued at $71,414,000 after acquiring an additional 1,864,743 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of KeyCorp by 5.4% in the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 522 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on KEY shares. DA Davidson restated a “buy” rating and set a $28.00 price objective on shares of KeyCorp in a report on Wednesday, July 22nd. UBS Group lifted their price target on KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Royal Bank Of Canada increased their price objective on KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. Stephens began coverage on KeyCorp in a report on Monday, June 15th. They set an “overweight” rating and a $26.00 target price for the company. Finally, Wells Fargo & Company upped their price target on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Stock Up 1.0%

KEY stock opened at $22.82 on Tuesday. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. The business has a 50-day simple moving average of $22.62 and a 200 day simple moving average of $21.66. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The company has a market cap of $24.63 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 0.74 and a beta of 1.03.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period last year, the firm earned $0.35 EPS. Sell-side analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is 47.67%.

KeyCorp announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction on 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 in the company, valued at $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by company 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.