Avantax Advisory Services Inc. Has $972,000 Stock Holdings in KeyCorp (NYSE:KEY)

Key Points

• Avantax Advisory Services Inc. reduced its stake in KeyCorp by 21.8% during the first quarter, now holding 60,782 shares valued at approximately $972,000.
• KeyCorp reported earnings of $0.35 per share for the last quarter, surpassing expectations and showing a 20.6% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.205 per share, translating to an annual yield of 4.7%, with the ex-dividend date set for September 2nd.

Avantax Advisory Services Inc. decreased its stake in KeyCorp (NYSE:KEY - Free Report) by 21.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,782 shares of the financial services provider's stock after selling 16,929 shares during the period. Avantax Advisory Services Inc.'s holdings in KeyCorp were worth $972,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new position in shares of KeyCorp in the fourth quarter valued at approximately $28,000. Allworth Financial LP grew its stake in KeyCorp by 246.9% during the 1st quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 1,543 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of KeyCorp during the 1st quarter valued at $34,000. NBC Securities Inc. grew 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. Finally, Capital Advisors Ltd. LLC increased its stake in shares of KeyCorp by 44.1% during the 1st quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider's stock worth $40,000 after purchasing an additional 766 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Activity at KeyCorp

In other news, Director Carlton L. Highsmith sold 5,000 shares of KeyCorp stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the sale, the director directly owned 37,177 shares in the company, valued at $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the sale, the director directly owned 82,719 shares in the company, valued at $1,544,363.73. This trade represents a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 153,149 shares of company stock valued at $2,821,230. 0.52% of the stock is owned by insiders.

KeyCorp Trading Up 1.0%

Shares of KeyCorp stock traded up $0.18 during trading on Monday, hitting $17.83. 34,804,241 shares of the company were exchanged, compared to its average volume of 16,647,234. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market capitalization of $19.54 billion, a P/E ratio of -254.71, a price-to-earnings-growth ratio of 0.62 and a beta of 1.13. The firm's fifty day moving average price is $17.22 and its 200 day moving average price is $16.47. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

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

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's payout ratio is currently -1,171.43%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Citigroup reaffirmed a "neutral" rating and set a $20.00 target price (up previously from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. Wells Fargo & Company lifted their price target on KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Cowen initiated coverage on shares of KeyCorp in a report on Wednesday, May 14th. They issued a "hold" rating for the company. Royal Bank Of Canada reissued an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, Bank of America upped their target price on KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Twelve equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus 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.