KeyCorp $KEY Stock: Illinois Municipal Retirement Fund Lowers Stake

Illinois Municipal Retirement Fund cut its holdings in KeyCorp (NYSE:KEY) by 8.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 354,041 shares of the financial services provider’s stock after selling 34,747 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in KeyCorp were worth $7,106,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of Nova Scotia purchased a new stake in KeyCorp during the second quarter valued at $3,636,436,000. BlackRock Inc. bought a new position in KeyCorp during the second quarter valued at $2,039,113,000. Deutsche Bank AG purchased a new position in shares of KeyCorp in the 2nd quarter worth $380,244,000. North Reef Capital Management LP purchased a new position in shares of KeyCorp in the 1st quarter worth $253,632,000. Finally, Legal & General Group Plc purchased a new position in shares of KeyCorp in the 2nd quarter worth $142,169,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Down 0.5%

Shares of NYSE KEY opened at $21.33 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $22.53 billion, a P/E ratio of 11.91, a PEG ratio of 0.76 and a beta of 1.07. KeyCorp has a 1 year low of $16.91 and a 1 year high of $24.07. The firm has a 50-day simple moving average of $20.84 and a two-hundred day simple moving average of $21.55.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.46 by $0.05. KeyCorp had a return on equity of 12.06% and a net margin of 18.56%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the company posted $0.41 EPS. KeyCorp’s quarterly revenue was up 8.3% on a year-over-year basis. Research analysts anticipate that KeyCorp will post 1.88 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.2050 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. KeyCorp’s dividend payout ratio (DPR) is 45.05%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on KEY. Truist Financial decreased their price objective on KeyCorp from $24.00 to $23.00 and set a “hold” rating on the stock in a research report on Wednesday, September 23rd. Stephens reiterated an “overweight” rating and issued a $26.00 target price on shares of KeyCorp in a report on Tuesday, September 15th. Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, November 4th. DA Davidson boosted their target price on KeyCorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Finally, Jefferies Financial Group decreased their price target on KeyCorp from $24.00 to $22.00 and set a “hold” rating on the stock in a report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $46.25.

Insider Activity at KeyCorp

In other news, insider Andrew Paine, III sold 39,130 shares of KeyCorp stock in a transaction that occurred on Wednesday, October 28th. The shares were sold at an average price of $21.20, for a total transaction of $829,556.00. Following the completion of the sale, the insider owned 191,571 shares of the company’s stock, valued at approximately $4,061,305.20. The trade was a 16.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, and the parent of KeyBank National Association. KeyBank traces its history to 1825 and serves consumers, businesses, and institutions through banking and financial services. The company’s offerings include consumer and small-business banking, commercial lending, treasury and payment services, investment banking, and wealth management. Its commercial and investment banking services are also available to clients beyond its retail branch footprint.