Strs Ohio Trims Stake in KeyCorp $KEY

Strs Ohio cut its stake in shares of KeyCorp (NYSE:KEY) by 80.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,611 shares of the financial services provider’s stock after selling 95,742 shares during the period. Strs Ohio’s holdings in KeyCorp were worth $423,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Activest Wealth Management lifted its position in shares of KeyCorp by 8,775.0% during the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock valued at $25,000 after buying an additional 1,404 shares in the last quarter. Sachetta LLC raised its stake in KeyCorp by 1,246.1% during the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 1,595 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in KeyCorp during the 2nd quarter worth approximately $36,000. Root Financial Partners LLC purchased a new position in KeyCorp during the third quarter valued at approximately $37,000. Finally, Concord Wealth Partners boosted its position in shares of KeyCorp by 71.5% in the second quarter. Concord Wealth Partners now owns 2,183 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 910 shares during the period. Institutional investors own 79.69% of the company’s stock.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Trina M. Evans sold 32,695 shares of the stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the completion of the transaction, the director owned 58,719 shares in the company, valued at $1,276,551.06. This trade represents a 35.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.52% of the stock is currently owned by insiders.

KeyCorp Price Performance

NYSE:KEY opened at $21.51 on Friday. The business’s 50-day moving average is $20.52 and its 200 day moving average is $19.02. KeyCorp has a 12 month low of $12.73 and a 12 month high of $22.07. The company has a market capitalization of $23.50 billion, a P/E ratio of 14.15, a P/E/G ratio of 0.53 and a beta of 1.09. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55.

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

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s payout ratio is currently 53.95%.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of analyst reports. Piper Sandler lifted their target price on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Robert W. Baird downgraded KeyCorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 6th. JPMorgan Chase & Co. increased their target price on KeyCorp from $19.50 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Truist Financial lifted their target price on KeyCorp from $22.00 to $23.00 and gave the company a “hold” rating in a research note on Monday, January 26th. Finally, Stephens upped their price target on KeyCorp from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Eleven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $22.68.

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.