Kentucky Retirement Systems Insurance Trust Fund Sells 4,845 Shares of KeyCorp (NYSE:KEY)

Kentucky Retirement Systems Insurance Trust Fund lessened its position in KeyCorp (NYSE:KEY) by 15.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,909 shares of the financial services provider’s stock after selling 4,845 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in KeyCorp were worth $430,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Whittier Trust Co. increased its holdings in shares of KeyCorp by 110.3% in the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 800 shares during the last quarter. Ethos Financial Group LLC acquired a new position in KeyCorp in the 4th quarter valued at about $27,000. Fourth Dimension Wealth LLC bought a new position in KeyCorp in the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. bought a new position in KeyCorp in the 4th quarter valued at about $34,000. Finally, FSC Wealth Advisors LLC acquired a new stake in KeyCorp during the first quarter worth approximately $34,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $16.81 on Thursday. The business has a fifty day moving average price of $15.69 and a 200-day moving average price of $16.35. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market capitalization of $18.42 billion, a PE ratio of -98.88, a PEG ratio of 0.63 and a beta of 1.09. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. During the same period last year, the business earned $0.20 EPS. As a group, equities analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 4.88%. KeyCorp’s payout ratio is currently -482.35%.

KeyCorp declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on KEY shares. Royal Bank Of Canada reiterated an “outperform” rating on shares of KeyCorp in a research note on Thursday, April 17th. Evercore ISI set a $17.00 price target on shares of KeyCorp in a research note on Monday, April 28th. Jefferies Financial Group assumed coverage on shares of KeyCorp in a report on Wednesday, May 21st. They set a “hold” rating and a $18.00 target price on the stock. Citigroup reiterated a “buy” rating on shares of KeyCorp in a research note on Thursday, April 17th. Finally, Cowen began coverage on KeyCorp in a research note on Wednesday, May 14th. They set a “hold” rating on the stock. Twelve equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.92.

Insider Activity at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the transaction, the director now directly owns 37,177 shares in the company, valued at $617,138.20. This represents a 11.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mohit Ramani acquired 10,000 shares of KeyCorp stock in a transaction dated Monday, April 21st. The shares were bought at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the transaction, the insider now owns 10,000 shares of the company’s stock, valued at approximately $137,500. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.52% of the stock is currently owned by insiders.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.