Baird Financial Group Inc. Has $7.46 Million Position in KeyCorp $KEY

Key Points

• Baird Financial Group Inc. reduced its stake in KeyCorp by 6.5%, owning 466,781 shares valued at approximately $7.46 million after selling 32,527 shares in the first quarter.
• KeyCorp's recent earnings report showed EPS of $0.35, surpassing estimates, with revenue increasing 20.6% year-over-year.
• The company has declared a quarterly dividend of $0.205 per share, reflecting an annualized yield of 4.3% for investors of record on September 2nd.

Baird Financial Group Inc. reduced its position in shares of KeyCorp (NYSE:KEY - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 466,781 shares of the financial services provider's stock after selling 32,527 shares during the period. Baird Financial Group Inc.'s holdings in KeyCorp were worth $7,464,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AlphaCore Capital LLC increased its position 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 purchasing an additional 651 shares during the period. SBI Securities Co. Ltd. increased its position 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 purchasing an additional 671 shares during the period. Centaurus Financial Inc. increased its position 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 purchasing an additional 728 shares during the period. Capital Advisors Ltd. LLC increased its position 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 purchasing an additional 766 shares during the period. Finally, Banco Bilbao Vizcaya Argentaria S.A. increased its position in shares of KeyCorp by 3.5% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 23,732 shares of the financial services provider's stock worth $379,000 after purchasing an additional 805 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on KEY shares. Bank of America boosted their price target on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Cowen started coverage on KeyCorp in a report on Wednesday, May 14th. They set a "hold" rating for the company. Jefferies Financial Group started coverage on KeyCorp in a report on Wednesday, May 21st. They set a "hold" rating and a $18.00 price target for the company. Citigroup reissued a "neutral" rating and set a $20.00 price target (up previously from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Finally, Wells Fargo & Company boosted their price target on KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $19.39.

Insider Buying and Selling

In other news, CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was 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 directly owned 619,895 shares of the company's stock, valued at $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 is available through this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the sale, the director directly owned 82,719 shares of the company's stock, valued at approximately $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. In the last three months, insiders have sold 148,149 shares of company stock valued at $2,738,230. 0.52% of the stock is owned by company insiders.

KeyCorp Trading Down 0.3%

NYSE KEY opened at $18.91 on Thursday. The business's 50-day moving average price is $18.30 and its two-hundred day moving average price is $16.59. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04. The firm has a market capitalization of $20.73 billion, a PE ratio of -270.07, a price-to-earnings-growth 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 released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter in the previous year, the company posted $0.25 EPS. The business's revenue was up 20.6% on a year-over-year basis. On average, analysts expect that KeyCorp will post 1.5 EPS 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 paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio is -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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