KeyCorp (NYSE:KEY) Shares Sold by Cetera Investment Advisers

Cetera Investment Advisers lowered its stake in KeyCorp (NYSE:KEY - Free Report) by 17.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 225,359 shares of the financial services provider's stock after selling 46,956 shares during the quarter. Cetera Investment Advisers' holdings in KeyCorp were worth $3,863,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in KEY. Norges Bank purchased a new stake in shares of KeyCorp during the 4th quarter valued at about $153,235,000. Vanguard Group Inc. raised its position in KeyCorp by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after purchasing an additional 7,754,576 shares during the period. Freestone Grove Partners LP purchased a new stake in KeyCorp during the fourth quarter valued at approximately $63,540,000. FMR LLC lifted its stake in shares of KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after purchasing an additional 2,938,405 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of KeyCorp in the 4th quarter worth approximately $42,827,000. Institutional investors own 79.69% of the company's stock.

KeyCorp Stock Down 0.7%

NYSE:KEY traded down $0.12 during mid-day trading on Tuesday, reaching $16.38. The company's stock had a trading volume of 5,832,677 shares, compared to its average volume of 14,290,198. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The stock has a fifty day moving average of $15.17 and a 200-day moving average of $16.88. The firm has a market capitalization of $17.95 billion, a PE ratio of -54.30, a price-to-earnings-growth ratio of 0.65 and a beta of 1.08.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the business posted $0.20 EPS. Equities research analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp announced that its board has approved a share repurchase plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 5.01%. KeyCorp's dividend payout ratio is currently -482.35%.

Insider Activity

In other news, insider Mohit Ramani bought 10,000 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was bought at an average price of $13.75 per share, with a total value of $137,500.00. Following the completion of the transaction, the insider now directly owns 10,000 shares of the company's stock, valued at approximately $137,500. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carlton L. Highsmith sold 5,000 shares of KeyCorp stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.52% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on KEY. Keefe, Bruyette & Woods dropped their price objective on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. DA Davidson dropped their price target on shares of KeyCorp from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated an "outperform" rating on shares of KeyCorp in a report on Thursday, April 17th. Morgan Stanley reissued an "equal weight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Finally, Truist Financial dropped their target price on KeyCorp from $18.00 to $16.00 and set a "hold" rating for the company in a research report on Tuesday, April 22nd. Ten research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, KeyCorp currently has a consensus rating of "Moderate Buy" and an average target price of $18.92.

KeyCorp Profile

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.