KeyCorp $KEY Holdings Trimmed by Shell Asset Management Co.

Shell Asset Management Co. trimmed its holdings in KeyCorp (NYSE:KEY) by 61.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,344 shares of the financial services provider’s stock after selling 32,897 shares during the quarter. Shell Asset Management Co.’s holdings in KeyCorp were worth $380,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in KEY. United Community Bank acquired a new stake in KeyCorp during the third quarter valued at approximately $27,000. Sachetta LLC increased its holdings in shares of KeyCorp by 1,246.1% in the third 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 bought a new position in shares of KeyCorp in the second quarter valued at $36,000. Root Financial Partners LLC acquired a new stake in shares of KeyCorp during the 3rd quarter valued at $37,000. Finally, Capital A Wealth Management LLC boosted its stake in shares of KeyCorp by 252.8% during the 2nd quarter. Capital A Wealth Management LLC now owns 2,237 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 1,603 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Down 0.2%

KeyCorp stock opened at $21.65 on Wednesday. KeyCorp has a twelve month low of $12.73 and a twelve month high of $23.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $23.66 billion, a PE ratio of 14.24, a P/E/G ratio of 0.53 and a beta of 1.10. The firm’s 50 day moving average price is $21.39 and its two-hundred day moving average price is $19.36.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) 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 company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.95 billion. During the same quarter last year, the business posted $0.30 EPS. The company’s revenue for the quarter was up 131.8% on a year-over-year basis. On average, research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced 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. The ex-dividend date is Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. KeyCorp’s payout ratio is 53.95%.

Insiders Place Their Bets

In related news, insider Andrew J. Paine III sold 65,961 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Angela G. Mago sold 62,850 shares of KeyCorp stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the completion of the sale, the insider owned 261,415 shares of the company’s stock, valued at $5,633,493.25. This trade represents a 19.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 161,506 shares of company stock valued at $3,597,481 in the last three months. Insiders own 0.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on KEY. Piper Sandler upped their price objective on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Weiss Ratings restated a “hold (c+)” rating on shares of KeyCorp in a research report on Monday, December 29th. Citigroup reaffirmed a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. The Goldman Sachs Group lifted their price objective 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. Finally, Keefe, Bruyette & Woods increased their target price on KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Eleven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $22.87.

KeyCorp Company Profile

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.