Clearstead Advisors LLC Reduces Position in KeyCorp $KEY

Clearstead Advisors LLC cut its stake in shares of KeyCorp (NYSE:KEY) by 7.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 977,994 shares of the financial services provider’s stock after selling 75,760 shares during the quarter. Clearstead Advisors LLC’s holdings in KeyCorp were worth $20,186,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC purchased a new position in shares of KeyCorp during the fourth quarter worth $476,000. Woodline Partners LP raised its holdings in shares of KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after purchasing an additional 24,627 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of KeyCorp by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 1,890 shares during the last quarter. Cresset Asset Management LLC raised its holdings in shares of KeyCorp by 6.5% during the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock worth $263,000 after purchasing an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new position in shares of KeyCorp during the second quarter worth $186,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction 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 sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KEY. Piper Sandler raised their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Jefferies Financial Group raised their target price on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, April 17th. Weiss Ratings raised shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. reduced their target price on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.78.

KeyCorp Stock Up 0.1%

KEY stock opened at $21.59 on Monday. The firm has a market cap of $23.40 billion, a PE ratio of 13.24, a P/E/G ratio of 0.69 and a beta of 1.06. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s fifty day moving average is $20.89 and its 200 day moving average is $20.55. KeyCorp has a one year low of $15.28 and a one year high of $23.34.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.41 by $0.03. The company 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 firm’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the business earned $0.38 earnings per share. On average, research analysts forecast that KeyCorp will post 1.82 EPS for the current year.

KeyCorp announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is currently 50.31%.

KeyCorp 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.