M&T Bank Corp Cuts Stock Holdings in KeyCorp (NYSE:KEY)

M&T Bank Corp lowered its stake in shares of KeyCorp (NYSE:KEY) by 19.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,391 shares of the financial services provider’s stock after selling 9,817 shares during the period. M&T Bank Corp’s holdings in KeyCorp were worth $646,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. TCTC Holdings LLC lifted its position in KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 611 shares during the last quarter. Signaturefd LLC grew its stake in shares of KeyCorp by 16.0% in the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 614 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in shares of KeyCorp by 2.6% in the fourth quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider’s stock worth $423,000 after acquiring an additional 631 shares in the last quarter. Centaurus Financial Inc. increased its position in shares of KeyCorp by 11.2% in the fourth quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider’s stock worth $124,000 after acquiring an additional 728 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its position in shares of KeyCorp by 4.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 17,050 shares of the financial services provider’s stock worth $292,000 after acquiring an additional 731 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Buying and Selling at KeyCorp

In other news, insider Mohit Ramani purchased 10,000 shares of the business’s stock in a transaction dated Monday, April 21st. The shares were purchased at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the purchase, the insider owned 10,000 shares of the company’s stock, valued at $137,500. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Amy G. Brady sold 19,000 shares of KeyCorp stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the sale, the insider directly owned 82,523 shares in the company, valued at $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.

KeyCorp Stock Down 2.6%

Shares of NYSE KEY opened at $17.88 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The stock has a market capitalization of $19.60 billion, a P/E ratio of -105.20, a PEG ratio of 0.68 and a beta of 1.11. The stock’s fifty day moving average is $16.63 and its 200 day moving average is $16.38.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the business posted $0.20 earnings per share. Sell-side analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.59%. KeyCorp’s dividend payout ratio is presently -482.35%.

Analysts Set New Price Targets

KEY has been the subject of a number of analyst reports. Bank of America lifted their target price on shares of KeyCorp from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Jefferies Financial Group initiated coverage on shares of KeyCorp in a report on Wednesday, May 21st. They issued a “hold” rating and a $18.00 target price on the stock. Keefe, Bruyette & Woods reduced their price target on shares of KeyCorp from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Wall Street Zen raised KeyCorp from a “sell” rating to a “hold” rating in a research note on Monday, April 21st. Finally, Cowen assumed coverage on KeyCorp in a research note on Wednesday, May 14th. They set a “hold” rating for the company. Eleven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $19.18.

KeyCorp Profile

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; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.