Envestnet Asset Management Inc. Cuts Position in KeyCorp $KEY

Envestnet Asset Management Inc. trimmed its position in shares of KeyCorp (NYSE:KEY) by 23.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 633,799 shares of the financial services provider’s stock after selling 198,192 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of KeyCorp worth $11,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of KEY. Marshall Wace LLP raised its stake in shares of KeyCorp by 2,258.4% in the second quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock valued at $44,821,000 after acquiring an additional 2,463,880 shares during the period. Nordea Investment Management AB grew its holdings in KeyCorp by 23.2% during the 2nd quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock valued at $1,867,000 after purchasing an additional 20,228 shares during the last quarter. Prudential Financial Inc. grew its holdings in KeyCorp by 9.9% during the 2nd quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock valued at $10,018,000 after purchasing an additional 51,705 shares during the last quarter. HoldCo Asset Management LP purchased a new stake in KeyCorp in the 2nd quarter worth about $86,995,000. Finally, Korea Investment CORP lifted its stake in KeyCorp by 175.5% in the second quarter. Korea Investment CORP now owns 447,252 shares of the financial services provider’s stock worth $7,791,000 after purchasing an additional 284,928 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

Insider Activity

In other KeyCorp news, insider Angela G. Mago sold 62,850 shares of the company’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the completion of the sale, the insider owned 261,415 shares in the company, valued at $5,633,493.25. This represents a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew J. Paine III sold 65,961 shares of the stock in a transaction on Friday, February 6th. The shares were sold at an average price of $23.23, for a total value of $1,532,274.03. Following the sale, the insider directly owned 166,583 shares in the company, valued at $3,869,723.09. This trade represents a 28.36% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 161,506 shares of company stock worth $3,597,481. 0.52% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on KEY. Citigroup reaffirmed a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. JPMorgan Chase & Co. boosted their price objective on KeyCorp from $22.00 to $24.50 and gave the company a “neutral” rating in a report on Monday, February 9th. DA Davidson set a $25.00 price objective on KeyCorp in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods lifted their target price on KeyCorp from $21.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Finally, The Goldman Sachs Group boosted their target price on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $22.87.

KeyCorp Trading Down 0.2%

Shares of NYSE KEY opened at $21.65 on Wednesday. KeyCorp has a twelve month low of $12.73 and a twelve month high of $23.34. The firm has a market cap of $23.66 billion, a PE ratio of 14.24, a price-to-earnings-growth ratio of 0.53 and a beta of 1.10. The business has a fifty day simple moving average of $21.39 and a two-hundred day simple moving average of $19.36. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results 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 business’s revenue was up 131.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.30 EPS. Analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. KeyCorp’s dividend payout ratio (DPR) is 53.95%.

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.