Pictet Asset Management Holding SA Lowers Holdings in KeyCorp $KEY

Pictet Asset Management Holding SA reduced its stake in KeyCorp (NYSE:KEY) by 8.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 523,013 shares of the financial services provider’s stock after selling 45,331 shares during the period. Pictet Asset Management Holding SA’s holdings in KeyCorp were worth $10,486,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. MCF Advisors LLC raised its position in shares of KeyCorp by 31.6% in the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 456 shares during the last quarter. Prime Capital Investment Advisors LLC grew its position in KeyCorp by 1.7% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 486 shares during the last quarter. Harbour Investments Inc. grew its position in KeyCorp by 19.0% during the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 508 shares during the last quarter. Centennial Wealth Advisory LLC increased its stake in KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock valued at $929,000 after purchasing an additional 524 shares in the last quarter. Finally, CoreCap Advisors LLC increased its stake in KeyCorp by 4.6% during the 4th quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 539 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Trading Down 0.1%

Shares of KEY stock opened at $22.99 on Friday. KeyCorp has a 12-month low of $16.47 and a 12-month high of $23.72. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average is $21.99 and its 200 day moving average is $21.36. The stock has a market capitalization of $24.82 billion, a P/E ratio of 14.11, a P/E/G ratio of 0.72 and a beta of 1.02.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 EPS. Research analysts expect that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. KeyCorp’s dividend payout ratio is currently 50.31%.

KeyCorp announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on KEY shares. JPMorgan Chase & Co. dropped their target price on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Robert W. Baird raised their price target on shares of KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, April 17th. DA Davidson boosted their price objective on shares of KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Morgan Stanley upped their price objective on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.55.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the sale, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.56% 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.