Christopher M. Gorman Sells 112,149 Shares of KeyCorp (NYSE:KEY) Stock

Key Points

• CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock at an average price of $18.86, resulting in a total sale value of approximately $2.12 million, which decreased his ownership by 15.32%.
• KeyCorp reported $0.35 earnings per share, exceeding analysts' estimates of $0.34, with revenues of $1.84 billion, marking a 20.6% increase year-over-year.
• The company declared a quarterly dividend of $0.205 per share to be paid on September 15th, representing a 4.42% yield based on an annual payout of $0.82.

KeyCorp (NYSE:KEY - Get Free Report) CEO Christopher M. Gorman sold 112,149 shares of the company's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the completion of the sale, the chief executive officer owned 619,895 shares in the company, valued at $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

KeyCorp Trading Up 0.4%

NYSE:KEY traded up $0.07 during mid-day trading on Friday, hitting $18.57. The company had a trading volume of 39,231,156 shares, compared to its average volume of 15,610,615. The firm has a market cap of $20.35 billion, a P/E ratio of -265.21, a P/E/G ratio of 0.66 and a beta of 1.11. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84. The business's fifty day moving average is $16.96 and its two-hundred day moving average is $16.45. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. The business's revenue was up 20.6% compared to the same quarter last year. During the same period last year, the company earned $0.25 earnings per share. As a group, research analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a yield of 4.42%. KeyCorp's payout ratio is currently -482.35%.

Hedge Funds Weigh In On KeyCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MGO One Seven LLC raised its holdings in KeyCorp by 18.8% in the 2nd quarter. MGO One Seven LLC now owns 32,708 shares of the financial services provider's stock valued at $570,000 after acquiring an additional 5,176 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of KeyCorp by 3.2% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 47,986 shares of the financial services provider's stock valued at $858,000 after purchasing an additional 1,499 shares during the last quarter. Board of the Pension Protection Fund bought a new position in shares of KeyCorp in the 2nd quarter valued at $277,000. Vanguard Personalized Indexing Management LLC increased its stake in shares of KeyCorp by 3.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 154,158 shares of the financial services provider's stock valued at $2,685,000 after purchasing an additional 5,538 shares during the last quarter. Finally, Apollon Wealth Management LLC increased its stake in shares of KeyCorp by 23.1% in the 2nd quarter. Apollon Wealth Management LLC now owns 31,866 shares of the financial services provider's stock valued at $555,000 after purchasing an additional 5,985 shares during the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on KEY shares. Keefe, Bruyette & Woods lowered their price target on KeyCorp from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Barclays lowered their price target on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Bank of America upped their price target on KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, June 16th. UBS Group upgraded KeyCorp from a "neutral" rating to a "buy" rating and upped their price target for the company from $16.00 to $22.00 in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group started coverage on KeyCorp in a report on Wednesday, May 21st. They set a "hold" rating and a $18.00 target price on the stock. Twelve research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $19.24.

KeyCorp Company 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.

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