HB Wealth Management LLC Lowers Position in KeyCorp $KEY

HB Wealth Management LLC reduced its stake in KeyCorp (NYSE:KEY) by 17.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,567 shares of the financial services provider’s stock after selling 7,013 shares during the quarter. HB Wealth Management LLC’s holdings in KeyCorp were worth $585,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC purchased a new stake in shares of KeyCorp during the 4th quarter valued at $476,000. Wealth Enhancement Advisory Services LLC increased its position in shares of KeyCorp by 22.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 102,451 shares of the financial services provider’s stock valued at $1,756,000 after purchasing an additional 18,790 shares during the last quarter. GAMMA Investing LLC increased its position in shares of KeyCorp by 1,652.8% during the 1st quarter. GAMMA Investing LLC now owns 533,091 shares of the financial services provider’s stock valued at $8,524,000 after purchasing an additional 502,678 shares during the last quarter. Parallel Advisors LLC increased its position in shares of KeyCorp by 50.4% during the 1st quarter. Parallel Advisors LLC now owns 7,501 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 2,514 shares during the last quarter. Finally, NBC Securities Inc. increased its position in shares of KeyCorp by 123,900.0% during the 1st quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 2,478 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

KEY has been the subject of several research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of KeyCorp in a research note on Saturday, September 27th. TD Cowen increased their price target on KeyCorp from $20.00 to $21.00 and gave the stock a “hold” rating in a research note on Friday. Truist Financial increased their price target on KeyCorp from $17.00 to $19.00 and gave the stock a “hold” rating in a research note on Monday, July 28th. Royal Bank Of Canada increased their price target on KeyCorp from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Baird R W downgraded KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.47.

KeyCorp Stock Up 1.0%

Shares of NYSE KEY opened at $18.63 on Friday. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The business has a 50-day simple moving average of $18.58 and a two-hundred day simple moving average of $16.96. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. The company has a market cap of $20.43 billion, a P/E ratio of -266.17, a P/E/G ratio of 0.65 and a beta of 1.15.

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

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Tuesday, September 2nd. KeyCorp’s dividend payout ratio (DPR) is -1,171.43%.

Insider Activity

In other news, Director Trina M. Evans sold 17,000 shares of KeyCorp stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the completion of the sale, the director owned 82,719 shares in the company, valued at approximately $1,544,363.73. This trade represents a 17.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the sale, the chief executive officer owned 619,895 shares of the company’s stock, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 174,102 shares of company stock worth $3,299,664. 0.52% of the stock is currently owned by insiders.

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.