Bank of New York Mellon Corp Cuts Stake in KeyCorp (NYSE:KEY)

Bank of New York Mellon Corp lowered its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 1.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,449,634 shares of the financial services provider's stock after selling 89,891 shares during the period. Bank of New York Mellon Corp owned about 0.50% of KeyCorp worth $87,140,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. TCTC Holdings LLC increased its stake in shares of KeyCorp by 38.6% during the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after purchasing an additional 611 shares in the last quarter. Signaturefd LLC grew its stake in KeyCorp by 16.0% during the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 614 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in KeyCorp by 2.6% during the 4th quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider's stock valued at $423,000 after acquiring an additional 631 shares in the last quarter. Centaurus Financial Inc. grew its stake in KeyCorp by 11.2% during the 4th quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider's stock valued at $124,000 after acquiring an additional 728 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in KeyCorp by 4.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 17,050 shares of the financial services provider's stock valued at $292,000 after acquiring an additional 731 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

Analysts Set New Price Targets

KEY has been the subject of several research reports. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of KeyCorp in a research note on Thursday, April 17th. UBS Group raised shares of KeyCorp from a "neutral" rating to a "buy" rating and upped their price objective for the company from $16.00 to $22.00 in a research note on Tuesday. Jefferies Financial Group began coverage on shares of KeyCorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price target for the company. JPMorgan Chase & Co. dropped their price target on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, Robert W. Baird cut shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a research note on Wednesday, July 2nd. Eleven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, KeyCorp has a consensus rating of "Moderate Buy" and an average target price of $19.18.

Insiders Place Their Bets

In other KeyCorp news, insider Amy G. Brady sold 19,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the sale, the insider directly owned 82,523 shares in the company, valued at $1,327,795.07. This represents a 18.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Carlton L. Highsmith sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction of $83,000.00. Following the sale, the director owned 37,177 shares in the company, valued at approximately $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.

KeyCorp Stock Performance

Shares of KEY stock opened at $18.48 on Friday. The firm's 50 day moving average price is $16.46 and its 200-day moving average price is $16.37. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The firm has a market cap of $20.25 billion, a P/E ratio of -108.68, a P/E/G ratio of 0.69 and a beta of 1.11.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.32 by $0.01. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the business posted $0.20 EPS. As a group, equities research analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 4.44%. KeyCorp's dividend payout ratio (DPR) is presently -482.35%.

KeyCorp announced that its board has initiated a share buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

About KeyCorp

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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