ProShare Advisors LLC Reduces Holdings in KeyCorp $KEY

ProShare Advisors LLC decreased its position in shares of KeyCorp (NYSE:KEY) by 12.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 190,395 shares of the financial services provider’s stock after selling 27,832 shares during the quarter. ProShare Advisors LLC’s holdings in KeyCorp were worth $3,558,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Activest Wealth Management lifted its holdings in KeyCorp by 8,775.0% during the second quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 1,404 shares during the last quarter. United Community Bank bought a new stake in shares of KeyCorp in the third quarter valued at approximately $27,000. Sachetta LLC lifted 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 buying an additional 1,595 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of KeyCorp during the 2nd quarter valued at approximately $36,000. Finally, Root Financial Partners LLC bought a new position in KeyCorp in the 3rd quarter worth approximately $37,000. 79.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

KEY has been the topic of a number of analyst reports. Piper Sandler boosted their target price on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 9th. Truist Financial lifted their price target on KeyCorp from $22.00 to $23.00 and gave the company a “hold” rating in a research report on Monday, January 26th. Argus boosted their price objective on KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of KeyCorp in a report on Monday, December 29th. Finally, Robert W. Baird lowered KeyCorp from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 6th. Twelve investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $23.03.

KeyCorp Stock Down 0.4%

Shares of NYSE KEY opened at $21.67 on Friday. 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 business has a 50-day moving average of $21.31 and a 200-day moving average of $19.29. The firm has a market capitalization of $23.68 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 0.53 and a beta of 1.10. KeyCorp has a 12 month low of $12.73 and a 12 month high of $23.34.

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

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, March 3rd. KeyCorp’s payout ratio is currently 53.95%.

Insider Buying and Selling

In other KeyCorp news, Director Trina M. Evans sold 32,695 shares of KeyCorp 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 completion of the sale, the director owned 58,719 shares of the company’s stock, valued at $1,276,551.06. The trade was a 35.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew J. Paine III sold 65,961 shares of the company’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $23.23, for a total value of $1,532,274.03. Following the completion of the transaction, the insider 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 SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 161,506 shares of company stock worth $3,597,481. Corporate insiders own 0.52% of the company’s stock.

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.