Insider Selling: KeyCorp (NYSE:KEY) Insider Sells $494,411.16 in Stock

KeyCorp (NYSE:KEY) insider Angela 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 value of $494,411.16. Following the transaction, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $21.08 on Friday. KeyCorp has a 1-year low of $15.28 and a 1-year high of $23.34. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The business has a fifty day moving average price of $20.74 and a 200-day moving average price of $20.39. The company has a market capitalization of $22.85 billion, a PE ratio of 12.93, a PEG ratio of 0.66 and a beta of 1.06.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the company earned $0.38 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. As a group, equities analysts expect that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp announced that its board has approved a stock repurchase program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 3.9%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in KEY. Wellington Management Group LLP lifted its position in shares of KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after buying an additional 17,245,128 shares in the last quarter. Capital World Investors lifted its position in shares of KeyCorp by 169.2% during the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after buying an additional 13,067,326 shares in the last quarter. Norges Bank purchased a new position in shares of KeyCorp during the 4th quarter valued at about $262,688,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of KeyCorp during the 4th quarter valued at about $150,843,000. Finally, AQR Capital Management LLC lifted its position in shares of KeyCorp by 416.3% during the 4th quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock valued at $147,862,000 after buying an additional 5,776,417 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on KEY shares. Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. DA Davidson lifted their price objective on KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Argus lifted their price objective on KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Truist Financial reduced their price objective on KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a report on Monday, March 23rd. Finally, The Goldman Sachs Group boosted their price target on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.18.

About KeyCorp

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.