KeyCorp $KEY Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC decreased its position in KeyCorp (NYSE:KEY) by 33.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,171 shares of the financial services provider’s stock after selling 7,136 shares during the period. Cresset Asset Management LLC’s holdings in KeyCorp were worth $227,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Sequoia Financial Advisors LLC lifted its position in KeyCorp by 4.8% in the first quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider’s stock valued at $1,101,000 after purchasing an additional 3,145 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of KeyCorp during the 1st quarter worth approximately $2,171,000. Cambridge Investment Research Advisors Inc. raised its stake in shares of KeyCorp by 31.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 111,757 shares of the financial services provider’s stock worth $1,787,000 after buying an additional 26,615 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of KeyCorp by 4.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 379,514 shares of the financial services provider’s stock valued at $6,068,000 after buying an additional 15,367 shares during the period. Finally, Blue Trust Inc. boosted its stake in shares of KeyCorp by 41.9% in the first quarter. Blue Trust Inc. now owns 20,786 shares of the financial services provider’s stock valued at $332,000 after buying an additional 6,135 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on KEY. DA Davidson increased their price objective on KeyCorp from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. UBS Group upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and increased their price target for the company from $16.00 to $22.00 in a report on Tuesday, July 8th. Truist Financial raised their price objective on shares of KeyCorp from $17.00 to $19.00 and gave the company a “hold” rating in a research note on Monday, July 28th. Robert W. Baird lowered shares of KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research report on Wednesday, July 2nd. Finally, Baird R W cut shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 2nd. Ten investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, KeyCorp has a consensus rating of “Hold” and a consensus target price of $19.39.

Insider Transactions at KeyCorp

In related news, Director Trina M. Evans sold 17,000 shares of the business’s stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the transaction, the director owned 82,719 shares of the company’s stock, valued at approximately $1,544,363.73. The trade was a 17.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher M. Gorman sold 112,149 shares of the company’s stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the transaction, the chief executive officer owned 619,895 shares in the company, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 148,149 shares of company stock valued at $2,738,230 over the last three months. 0.52% of the stock is currently owned by insiders.

KeyCorp Stock Performance

Shares of KEY opened at $19.28 on Wednesday. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04. The stock has a market cap of $21.14 billion, a P/E ratio of -275.47, a PEG ratio of 0.67 and a beta of 1.13. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average of $17.95 and a two-hundred day moving average of $16.52.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same period in the prior year, the business earned $0.25 earnings per share. The company’s quarterly revenue was up 20.6% on a year-over-year basis. As a group, research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a yield of 4.3%. KeyCorp’s dividend payout ratio (DPR) is presently -1,171.43%.

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.