American Century Companies Inc. Reduces Stock Position in KeyCorp $KEY

Key Points

• American Century Companies Inc. reduced its ownership in KeyCorp by 3.8%, selling 16,781 shares during the first quarter, leaving it with 427,590 shares valued at approximately $6.84 million.
• Analysts have mixed opinions on KeyCorp, with ten giving it a Buy rating and eleven a Hold rating, alongside an average target price of $19.39.
• KeyCorp recently declared a quarterly dividend of $0.205 per share, representing a 4.2% dividend yield, with payment scheduled for September 15th.

American Century Companies Inc. trimmed its position in shares of KeyCorp (NYSE:KEY - Free Report) by 3.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 427,590 shares of the financial services provider's stock after selling 16,781 shares during the period. American Century Companies Inc.'s holdings in KeyCorp were worth $6,837,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Sequoia Financial Advisors LLC increased its stake in shares of KeyCorp by 4.8% during the first quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider's stock worth $1,101,000 after buying an additional 3,145 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of KeyCorp during the first quarter worth approximately $2,171,000. Cambridge Investment Research Advisors Inc. increased its stake in shares of KeyCorp by 31.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 111,757 shares of the financial services provider's stock worth $1,787,000 after buying an additional 26,615 shares during the period. Asset Management One Co. Ltd. increased its stake in shares of KeyCorp by 4.2% during the first quarter. Asset Management One Co. Ltd. now owns 379,514 shares of the financial services provider's stock worth $6,068,000 after buying an additional 15,367 shares during the period. Finally, Blue Trust Inc. boosted its holdings in KeyCorp by 41.9% in the first quarter. Blue Trust Inc. now owns 20,786 shares of the financial services provider's stock valued at $332,000 after purchasing an additional 6,135 shares in the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on KEY. Cowen began coverage on KeyCorp in a report on Wednesday, May 14th. They issued a "hold" rating for the company. UBS Group raised 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 report on Tuesday, July 8th. Baird R W downgraded KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Robert W. Baird downgraded KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group began coverage on KeyCorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price target for the company. Ten investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, KeyCorp currently has a consensus rating of "Hold" and an average target price of $19.39.

KeyCorp Stock Performance

Shares of KEY stock traded up $0.03 during trading hours on Monday, hitting $19.38. The stock had a trading volume of 21,339,876 shares, compared to its average volume of 25,522,346. The firm has a market capitalization of $21.25 billion, a PE ratio of -276.91, a PEG ratio of 0.68 and a beta of 1.15. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The stock's 50 day moving average is $18.15 and its 200 day moving average is $16.55. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

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

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.205 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.2%. KeyCorp's dividend payout ratio (DPR) is currently -1,171.43%.

Insider Activity

In related news, CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the sale, the chief executive officer owned 619,895 shares of the company's stock, valued at $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total value of $317,390.00. Following the sale, the director directly owned 82,719 shares in the company, valued at approximately $1,544,363.73. The trade was a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,149 shares of company stock worth $2,738,230 over the last 90 days. 0.52% of the stock is currently owned by corporate insiders.

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.