Arvest Investments Inc. Acquires New Position in KeyCorp $KEY

Key Points

• Arvest Investments Inc. has acquired a new stake in KeyCorp, purchasing 54,266 shares valued at approximately $945,000.
• CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock, resulting in a 15.32% decrease in his ownership.
• KeyCorp reported a 20.6% year-over-year increase in revenue, with a quarterly earnings per share (EPS) of $0.35, surpassing estimates.

Arvest Investments Inc. acquired a new stake in KeyCorp (NYSE:KEY - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 54,266 shares of the financial services provider's stock, valued at approximately $945,000.

Several other large investors have also bought and sold shares of KEY. Fourth Dimension Wealth LLC acquired a new position in KeyCorp in the fourth quarter valued at approximately $28,000. Zions Bancorporation National Association UT bought a new stake in KeyCorp in the first quarter valued at approximately $28,000. Allworth Financial LP increased its stake in KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 1,543 shares in the last quarter. FSC Wealth Advisors LLC bought a new stake in KeyCorp in the first quarter valued at approximately $34,000. Finally, NBC Securities Inc. increased its stake in KeyCorp by 123,900.0% in the first quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 2,478 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the transaction, the chief executive officer owned 619,895 shares in the company, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director owned 82,719 shares of the company's stock, valued at $1,544,363.73. The trade was a 17.05% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,102 shares of company stock worth $3,299,664. 0.52% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on KEY. Citigroup reaffirmed a "neutral" rating and issued a $20.00 target price (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Robert W. Baird downgraded shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price for the company. in a research note on Wednesday, July 2nd. Wells Fargo & Company upped their target price on shares of KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Baird R W downgraded shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Finally, Jefferies Financial Group assumed coverage on shares of KeyCorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $18.00 price objective for the company. Ten equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $19.39.

KeyCorp Stock Performance

Shares of KEY opened at $19.08 on Friday. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04. The firm has a fifty day simple moving average of $18.48 and a 200 day simple moving average of $16.67. The stock has a market capitalization of $20.92 billion, a price-to-earnings ratio of -272.53, a PEG ratio of 0.68 and a beta of 1.15. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71.

KeyCorp (NYSE:KEY - Get Free Report) last announced its 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 net margin of 1.49% and a return on equity of 9.65%. 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 company posted $0.25 earnings per share. The firm's revenue was up 20.6% on a year-over-year basis. Research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced 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 4.3%. KeyCorp's dividend payout ratio is presently -1,171.43%.

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.

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