KeyCorp (NYSE:KEY) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in KeyCorp (NYSE:KEY – Get Rating) by 0.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 8,678,851 shares of the financial services provider’s stock after selling 18,446 shares during the period. Bank of New York Mellon Corp owned about 0.93% of KeyCorp worth $139,033,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Commerce Bank boosted its holdings in shares of KeyCorp by 0.7% in the 3rd quarter. Commerce Bank now owns 88,765 shares of the financial services provider’s stock valued at $1,422,000 after buying an additional 580 shares during the period. Zullo Investment Group Inc. boosted its holdings in shares of KeyCorp by 19.2% in the 3rd quarter. Zullo Investment Group Inc. now owns 4,044 shares of the financial services provider’s stock valued at $65,000 after buying an additional 652 shares during the period. Waldron Private Wealth LLC boosted its holdings in shares of KeyCorp by 3.9% in the 3rd quarter. Waldron Private Wealth LLC now owns 18,353 shares of the financial services provider’s stock valued at $294,000 after buying an additional 681 shares during the period. State of Michigan Retirement System raised its position in shares of KeyCorp by 0.3% in the 3rd quarter. State of Michigan Retirement System now owns 252,428 shares of the financial services provider’s stock valued at $4,044,000 after acquiring an additional 700 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of KeyCorp by 4.1% in the 1st quarter. Cetera Investment Advisers now owns 18,427 shares of the financial services provider’s stock valued at $412,000 after acquiring an additional 720 shares during the period. 82.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity at KeyCorp

In related news, insider Angela G. Mago sold 5,352 shares of the company’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $19.95, for a total value of $106,772.40. Following the sale, the insider now directly owns 194,280 shares in the company, valued at $3,875,886. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Ruth Ann M. Gillis bought 2,000 shares of KeyCorp stock in a transaction that occurred on Tuesday, March 14th. The shares were acquired at an average cost of $12.95 per share, for a total transaction of $25,900.00. Following the completion of the acquisition, the director now directly owns 42,961 shares of the company’s stock, valued at approximately $556,344.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Angela G. Mago sold 5,352 shares of the company’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $19.95, for a total value of $106,772.40. Following the completion of the sale, the insider now owns 194,280 shares in the company, valued at $3,875,886. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by company insiders.

KeyCorp Stock Performance

NYSE:KEY opened at $11.53 on Friday. The stock has a market cap of $10.74 billion, a P/E ratio of 6.01, a price-to-earnings-growth ratio of 0.99 and a beta of 1.31. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.76. The stock’s 50-day moving average is $17.81 and its 200-day moving average is $17.64. KeyCorp has a 1-year low of $9.60 and a 1-year high of $24.62.

KeyCorp (NYSE:KEY – Get Rating) last released its quarterly earnings results on Thursday, January 19th. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.17). The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a return on equity of 15.27% and a net margin of 22.46%. During the same quarter last year, the firm posted $0.64 earnings per share. Equities research analysts anticipate that KeyCorp will post 1.99 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Tuesday, February 28th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 7.11%. The ex-dividend date was Monday, February 27th. KeyCorp’s payout ratio is presently 42.71%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Robert W. Baird upgraded shares of KeyCorp from a “neutral” rating to an “outperform” rating and set a $20.00 target price on the stock in a report on Friday, March 10th. Deutsche Bank Aktiengesellschaft cut their price target on KeyCorp from $23.00 to $20.00 in a report on Friday, January 6th. JPMorgan Chase & Co. cut their price target on KeyCorp from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Monday, January 23rd. Keefe, Bruyette & Woods cut their price target on KeyCorp from $20.00 to $19.00 and set a “market perform” rating for the company in a report on Wednesday, March 8th. Finally, Piper Sandler raised KeyCorp from an “underweight” rating to a “neutral” rating and dropped their target price for the stock from $18.50 to $16.50 in a report on Friday, March 10th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.87.

KeyCorp Company Profile

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KeyCorp is a bank holding company, which engages in the provision of financial services. It provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients.