JPMorgan Chase & Co. Sells 1,285,399 Shares of KeyCorp $KEY

JPMorgan Chase & Co. cut its holdings in KeyCorp (NYSE:KEY) by 17.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,897,272 shares of the financial services provider’s stock after selling 1,285,399 shares during the period. JPMorgan Chase & Co. owned 0.54% of KeyCorp worth $110,220,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. United Community Bank purchased a new position in KeyCorp during the third quarter valued at $27,000. Sachetta LLC grew its stake in shares of KeyCorp by 1,246.1% during the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 1,595 shares during the period. Root Financial Partners LLC purchased a new position in KeyCorp during the third quarter valued at approximately $37,000. Elevation Point Wealth Partners LLC bought a new position in shares of KeyCorp in the second quarter worth approximately $36,000. Finally, Capital A Wealth Management LLC increased its stake in shares of KeyCorp by 252.8% in the second quarter. Capital A Wealth Management LLC now owns 2,237 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 1,603 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Andrew J. Paine III sold 65,961 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the sale, the insider directly owned 166,583 shares of the company’s stock, valued at $3,869,723.09. The trade was a 28.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Trina M. Evans sold 32,695 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the sale, the director owned 58,719 shares in the company, valued at approximately $1,276,551.06. This trade represents a 35.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 161,506 shares of company stock worth $3,597,481 in the last three months. Insiders own 0.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on KEY shares. Argus lifted their target price on shares of KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Robert W. Baird lowered KeyCorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 6th. TD Cowen reiterated a “buy” rating on shares of KeyCorp in a research report on Wednesday, January 7th. Jefferies Financial Group lifted their target price on KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a research note on Wednesday, December 10th. Finally, Wells Fargo & Company set a $18.00 price target on KeyCorp and gave the stock an “underperform” rating in a research note on Tuesday, January 6th. Eleven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $22.87.

KeyCorp Stock Performance

NYSE KEY opened at $22.17 on Monday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. KeyCorp has a 1-year low of $12.73 and a 1-year high of $23.34. The business has a 50 day simple moving average of $21.47 and a two-hundred day simple moving average of $19.45. The stock has a market capitalization of $24.23 billion, a PE ratio of 14.58, a P/E/G ratio of 0.66 and a beta of 1.10.

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

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is presently 53.95%.

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.