Principal Financial Group Inc. Sells 55,311 Shares of KeyCorp $KEY

Principal Financial Group Inc. lowered its position in KeyCorp (NYSE:KEY) by 5.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,018,562 shares of the financial services provider’s stock after selling 55,311 shares during the quarter. Principal Financial Group Inc. owned approximately 0.09% of KeyCorp worth $19,037,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Bryn Mawr Trust Advisors LLC grew its position in shares of KeyCorp by 4.8% during the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 13,363 shares of the financial services provider’s stock worth $233,000 after buying an additional 608 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its stake in KeyCorp by 4.1% in the third quarter. NorthCrest Asset Manangement LLC now owns 15,912 shares of the financial services provider’s stock worth $293,000 after acquiring an additional 627 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in KeyCorp by 0.4% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 154,818 shares of the financial services provider’s stock worth $2,894,000 after acquiring an additional 660 shares during the period. Amalgamated Bank grew its holdings in KeyCorp by 0.4% during the 2nd quarter. Amalgamated Bank now owns 187,940 shares of the financial services provider’s stock worth $3,274,000 after acquiring an additional 683 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in KeyCorp by 0.9% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 81,236 shares of the financial services provider’s stock valued at $1,518,000 after purchasing an additional 694 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

KEY has been the subject of several research reports. The Goldman Sachs Group upped their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Piper Sandler upped their target price on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 9th. DA Davidson set a $25.00 price target on KeyCorp in a report on Wednesday, January 21st. JPMorgan Chase & Co. boosted their price target on KeyCorp from $19.50 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of KeyCorp in a research note on Monday, December 29th. Twelve equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $22.90.

KeyCorp Stock Performance

Shares of KEY opened at $23.24 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55. The firm has a market cap of $25.40 billion, a PE ratio of 15.29, a P/E/G ratio of 0.56 and a beta of 1.10. KeyCorp has a 12 month low of $12.73 and a 12 month high of $23.29. The stock has a fifty day moving average price of $20.95 and a 200-day moving average price of $19.17.

KeyCorp (NYSE:KEY) last announced its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.95 billion. During the same period in the prior year, the company posted $0.30 EPS. The firm’s quarterly revenue was up 131.8% compared to the same quarter last year. Equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is presently 53.95%.

Insider Activity at KeyCorp

In other KeyCorp news, Director Trina M. Evans sold 32,695 shares of the business’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the sale, the director owned 58,719 shares in the company, valued at approximately $1,276,551.06. The trade was a 35.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Angela G. Mago sold 62,850 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the sale, the insider owned 261,415 shares in the company, valued at approximately $5,633,493.25. This represents a 19.38% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.52% of the stock is currently owned by insiders.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.