KeyCorp $KEY Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC trimmed its holdings in shares of KeyCorp (NYSE:KEY) by 72.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. DV Equities LLC bought a new position in shares of KeyCorp in the fourth quarter valued at $27,000. Maseco LLP bought a new stake in shares of KeyCorp during the 4th quarter worth $27,000. Smithfield Trust Co bought a new stake in shares of KeyCorp during the 4th quarter worth $31,000. Kelleher Financial Advisors acquired a new position in shares of KeyCorp in the 3rd quarter worth $32,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of KeyCorp in the 4th quarter worth $38,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on KEY. Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Piper Sandler boosted their price objective on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. The Goldman Sachs Group upped their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Argus raised shares of KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, TD Cowen restated a “buy” rating and set a $68.00 price target on shares of KeyCorp in a report on Tuesday, June 23rd. 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. Based on data from MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Price Performance

Shares of KEY opened at $22.82 on Tuesday. The business’s 50-day moving average is $22.62 and its 200-day moving average is $21.66. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market capitalization of $24.63 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 0.74 and a beta of 1.03. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07.

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

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

KeyCorp Announces Dividend

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

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.