Greenwood Capital Associates LLC Lowers Stock Holdings in KeyCorp $KEY

Greenwood Capital Associates LLC lowered its stake in KeyCorp (NYSE:KEY) by 55.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,854 shares of the financial services provider’s stock after selling 55,535 shares during the period. Greenwood Capital Associates LLC’s holdings in KeyCorp were worth $879,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Wellington Management Group LLP increased its position in KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after purchasing an additional 17,245,128 shares during the period. Capital World Investors increased its position in shares of KeyCorp by 169.2% in the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after buying an additional 13,067,326 shares in the last quarter. Norges Bank purchased a new position in KeyCorp during the 4th quarter valued at about $262,688,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of KeyCorp during the 4th quarter worth approximately $150,843,000. Finally, AQR Capital Management LLC raised its holdings in shares of KeyCorp by 416.3% in the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock worth $147,862,000 after acquiring an additional 5,776,417 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

KEY has been the subject of a number of analyst reports. Weiss Ratings raised shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Royal Bank Of Canada raised their price objective on KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, April 17th. Susquehanna lifted their target price on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. Wells Fargo & Company boosted their price target on KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Robert W. Baird boosted their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, April 17th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, KeyCorp has a consensus rating of “Moderate Buy” and a consensus price target of $47.34.

KeyCorp Stock Performance

Shares of KEY opened at $23.07 on Friday. KeyCorp has a 12-month low of $16.47 and a 12-month high of $23.72. The business’s fifty day moving average price is $22.09 and its 200 day moving average price is $21.43. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $24.90 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 0.71 and a beta of 1.02.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data 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 the consensus estimate of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.38 EPS. Equities research analysts forecast that KeyCorp will post 1.82 EPS for the current year.

KeyCorp declared that its board has approved a stock buyback plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

KeyCorp Dividend Announcement

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

KeyCorp 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.