Ameriprise Financial Inc. Sells 311,728 Shares of KeyCorp $KEY

Key Points

• Ameriprise Financial Inc. has reduced its stake in KeyCorp by 11.4% in Q1, now owning approximately $38.63 million worth of shares.
• KeyCorp reported a 20.6% increase in revenue year-over-year for the latest quarter, with an EPS of $0.35 surpassing expectations.
• The company is set to distribute a quarterly dividend of $0.205 per share on September 15, which reflects a yield of 4.2%.

Ameriprise Financial Inc. reduced its position in shares of KeyCorp (NYSE:KEY - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,416,106 shares of the financial services provider's stock after selling 311,728 shares during the quarter. Ameriprise Financial Inc. owned 0.22% of KeyCorp worth $38,633,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its stake in shares of KeyCorp by 2.6% in the fourth quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider's stock worth $423,000 after acquiring an additional 631 shares during the last quarter. AlphaCore Capital LLC increased its stake in shares of KeyCorp by 5.2% in the first quarter. AlphaCore Capital LLC now owns 13,238 shares of the financial services provider's stock worth $212,000 after acquiring an additional 651 shares during the last quarter. SBI Securities Co. Ltd. increased its stake in shares of KeyCorp by 34.0% in the first quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider's stock worth $42,000 after acquiring an additional 671 shares during the last quarter. Centaurus Financial Inc. increased its stake in shares of KeyCorp by 11.2% in the fourth quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider's stock worth $124,000 after acquiring an additional 728 shares during the last quarter. Finally, Capital Advisors Ltd. LLC increased its stake in shares of KeyCorp by 44.1% in the first quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider's stock worth $40,000 after acquiring an additional 766 shares during the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Stock Performance

KEY stock traded up $0.03 during mid-day trading on Monday, reaching $19.38. 21,339,876 shares of the stock traded hands, compared to its average volume of 25,522,346. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The business has a 50-day moving average of $18.15 and a two-hundred day moving average of $16.55. The firm has a market capitalization of $21.25 billion, a PE ratio of -276.91, a P/E/G ratio of 0.68 and a beta of 1.15.

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

KeyCorp Dividend Announcement

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

Insider Activity at KeyCorp

In related news, CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction dated 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 approximately $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Amy G. Brady sold 19,000 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the sale, the insider owned 82,523 shares of the company's stock, valued at approximately $1,327,795.07. The trade was a 18.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,149 shares of company stock worth $2,738,230. Company insiders own 0.52% of the company's stock.

Wall Street Analyst Weigh In

KEY has been the topic of a number of research reports. Wells Fargo & Company upped their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Robert W. Baird downgraded shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target on the stock. in a research note on Wednesday, July 2nd. Baird R W downgraded shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Citigroup reissued a "neutral" rating and set a $20.00 target price (up from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. Finally, Truist Financial boosted their price target on KeyCorp from $17.00 to $19.00 and gave the stock a "hold" rating in a research report on Monday, July 28th. Ten equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $19.39.

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.