Angela Mago Sells 22,826 Shares of KeyCorp (NYSE:KEY) Stock

KeyCorp (NYSE:KEY) insider Angela Mago sold 22,826 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were 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 approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

KeyCorp Trading Down 2.6%

NYSE KEY opened at $20.74 on Thursday. KeyCorp has a 52 week low of $15.28 and a 52 week high of $23.34. The firm has a 50 day moving average of $20.72 and a two-hundred day moving average of $20.37. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $22.48 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 0.68 and a beta of 1.06.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $0.38 EPS. As a group, research analysts expect that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, June 2nd. KeyCorp’s payout ratio is 50.31%.

KeyCorp announced that its Board of Directors has initiated a share buyback 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 shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on KEY shares. Robert W. Baird increased their price objective on KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, April 17th. Morgan Stanley lowered their price target on KeyCorp from $26.00 to $24.00 and set an “equal weight” rating for the company in a report on Tuesday, March 31st. Evercore reiterated an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. DA Davidson raised their price objective on shares of KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Finally, Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.18.

Institutional Trading of KeyCorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in KeyCorp by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after buying an additional 1,192,323 shares during the last quarter. Wellington Management Group LLP lifted its stake in KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after buying an additional 17,245,128 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of KeyCorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock valued at $493,048,000 after acquiring an additional 115,968 shares during the period. Capital World Investors grew its position in shares of KeyCorp by 1.1% during the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after acquiring an additional 238,514 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of KeyCorp by 4.7% during the fourth quarter. Invesco Ltd. now owns 20,567,184 shares of the financial services provider’s stock worth $424,507,000 after acquiring an additional 916,732 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

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.