Assenagon Asset Management S.A. Lowers Holdings in KeyCorp $KEY

Assenagon Asset Management S.A. trimmed its holdings in KeyCorp (NYSE:KEY) by 70.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,606 shares of the financial services provider’s stock after selling 99,215 shares during the quarter. Assenagon Asset Management S.A.’s holdings in KeyCorp were worth $879,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in KEY. Kingsview Wealth Management LLC lifted its holdings in shares of KeyCorp by 2.7% in the third quarter. Kingsview Wealth Management LLC now owns 21,255 shares of the financial services provider’s stock worth $397,000 after buying an additional 568 shares in the last quarter. NorthCrest Asset Manangement LLC increased its holdings in KeyCorp by 4.1% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 15,912 shares of the financial services provider’s stock valued at $293,000 after acquiring an additional 627 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in KeyCorp by 0.4% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 154,818 shares of the financial services provider’s stock worth $2,894,000 after purchasing an additional 660 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in KeyCorp by 0.9% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 81,236 shares of the financial services provider’s stock worth $1,518,000 after purchasing an additional 694 shares in the last quarter. Finally, Hilltop Holdings Inc. boosted its holdings in shares of KeyCorp by 3.1% during the 3rd quarter. Hilltop Holdings Inc. now owns 27,538 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 824 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Trading Up 3.3%

Shares of NYSE KEY opened at $20.04 on Wednesday. KeyCorp has a 1-year low of $12.73 and a 1-year high of $23.34. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The business’s 50 day moving average is $20.90 and its two-hundred day moving average is $19.70. The stock has a market capitalization of $21.50 billion, a P/E ratio of 13.19, a PEG ratio of 0.63 and a beta of 1.08.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data 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 business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $1.95 billion. During the same period last year, the company earned $0.30 EPS. The company’s revenue for the quarter was up 131.8% on a year-over-year basis. As a group, research analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a yield of 4.1%. KeyCorp’s payout ratio is 53.95%.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 62,850 shares of the stock in a transaction 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 sale, the insider owned 261,415 shares of the company’s stock, valued at approximately $5,633,493.25. This represents a 19.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Andrew J. Paine III sold 65,961 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the transaction, the insider owned 166,583 shares in the company, valued at $3,869,723.09. The trade was a 28.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 161,506 shares of company stock worth $3,597,481 over the last quarter. Insiders own 0.52% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on KEY. Piper Sandler lifted 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. Argus increased their price target on KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Stephens raised their price target on KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. JPMorgan Chase & Co. lifted their price objective on KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Finally, Morgan Stanley decreased their price objective on KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Tuesday. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.87.

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.