Bank of Nova Scotia Sells 338,268 Shares of KeyCorp (NYSE:KEY)

Bank of Nova Scotia lowered its stake in shares of KeyCorp (NYSE:KEYGet Rating) by 80.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 81,724 shares of the financial services provider’s stock after selling 338,268 shares during the quarter. Bank of Nova Scotia’s holdings in KeyCorp were worth $1,408,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of KEY. Fieldpoint Private Securities LLC increased its position in shares of KeyCorp by 677.7% during the 2nd quarter. Fieldpoint Private Securities LLC now owns 1,431 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 1,247 shares during the last quarter. Evoke Wealth LLC increased its position in shares of KeyCorp by 131.8% during the 2nd quarter. Evoke Wealth LLC now owns 1,602 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 911 shares during the last quarter. Spectrum Management Group LLC purchased a new position in KeyCorp during the 1st quarter valued at $35,000. TCTC Holdings LLC purchased a new position in KeyCorp during the 1st quarter valued at $35,000. Finally, SouthState Corp boosted its holdings in KeyCorp by 78.0% during the 2nd quarter. SouthState Corp now owns 2,181 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 956 shares during the period. Institutional investors own 83.58% of the company’s stock.

Insider Activity at KeyCorp

In related news, Director Carlton L. Highsmith sold 5,200 shares of the company’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $17.59, for a total transaction of $91,468.00. Following the transaction, the director now directly owns 64,139 shares of the company’s stock, valued at approximately $1,128,205.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

KEY has been the subject of a number of recent analyst reports. TheStreet upgraded KeyCorp from a “c+” rating to a “b” rating in a report on Thursday, November 10th. Royal Bank of Canada dropped their price objective on KeyCorp from $29.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 21st. StockNews.com initiated coverage on KeyCorp in a report on Wednesday, October 12th. They set a “hold” rating for the company. Wedbush restated a “neutral” rating and set a $18.00 price objective on shares of KeyCorp in a report on Wednesday, September 28th. Finally, Morgan Stanley lowered their target price on KeyCorp from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, October 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $21.64.

KeyCorp Trading Down 1.4 %

Shares of NYSE KEY opened at $18.67 on Friday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $17.42 billion, a P/E ratio of 8.56, a price-to-earnings-growth ratio of 0.49 and a beta of 1.29. KeyCorp has a 1-year low of $15.26 and a 1-year high of $27.17. The business has a fifty day moving average price of $17.40 and a 200 day moving average price of $18.03.

KeyCorp (NYSE:KEYGet Rating) last issued its quarterly earnings data on Thursday, October 20th. The financial services provider reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.03). KeyCorp had a return on equity of 15.81% and a net margin of 26.66%. During the same period in the previous year, the firm earned $0.65 EPS. Equities research analysts expect that KeyCorp will post 2.13 EPS for the current fiscal year.

KeyCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 29th will be given a dividend of $0.205 per share. This is a positive change from KeyCorp’s previous quarterly dividend of $0.20. This represents a $0.82 annualized dividend and a yield of 4.39%. KeyCorp’s dividend payout ratio is currently 35.78%.

KeyCorp Profile

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KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.

Further Reading

Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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