BI Asset Management Fondsmaeglerselskab A S Cuts Stock Holdings in KeyCorp $KEY

Key Points

• BI Asset Management Fondsmaeglerselskab A S reduced its stake in KeyCorp by 45.3%, ending up with 55,039 shares valued at approximately $880,000.
• Insider trading was noted, with Amy G. Brady selling 19,000 shares at an average price of $16.09, decreasing her ownership by 18.71%.
• KeyCorp's stock has a consensus price target of $19.39 as analysts maintain a mixed rating with ten "Buy" and eleven "Hold" ratings.

BI Asset Management Fondsmaeglerselskab A S reduced its position in KeyCorp (NYSE:KEY - Free Report) by 45.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 55,039 shares of the financial services provider's stock after selling 45,552 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in KeyCorp were worth $880,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in KEY. Vanguard Group Inc. raised its stake in KeyCorp by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock valued at $2,004,273,000 after acquiring an additional 8,412,625 shares during the period. Wellington Management Group LLP raised its stake in KeyCorp by 1,142.4% in the 1st quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock valued at $79,978,000 after acquiring an additional 4,599,197 shares during the period. Freestone Grove Partners LP bought a new stake in KeyCorp in the 4th quarter valued at about $63,540,000. Invesco Ltd. raised its stake in KeyCorp by 19.5% in the 1st quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock valued at $329,777,000 after acquiring an additional 3,363,421 shares during the period. Finally, Fuller & Thaler Asset Management Inc. raised its stake in KeyCorp by 12.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 30,511,720 shares of the financial services provider's stock valued at $487,882,000 after acquiring an additional 3,327,972 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Insider Transactions at KeyCorp

In other news, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher M. Gorman sold 112,149 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly owned 619,895 shares of the company's stock, valued at $11,691,219.70. The trade was a 15.32% 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 valued at $2,738,230. 0.52% of the stock is owned by corporate insiders.

KeyCorp Price Performance

Shares of KEY traded down $0.04 during midday trading on Thursday, hitting $19.36. 7,783,699 shares of the company traded hands, compared to its average volume of 17,490,633. The stock has a 50-day moving average of $18.02 and a 200-day moving average of $16.54. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The firm has a market cap of $21.22 billion, a P/E ratio of -276.34, a PEG ratio of 0.68 and a beta of 1.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $1.81 billion. During the same period in the prior year, the business posted $0.25 earnings per share. The company's revenue was up 20.6% on a year-over-year basis. As a group, sell-side analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.2%. KeyCorp's payout ratio is presently -1,171.43%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on KEY. Cowen began coverage on KeyCorp in a research note on Wednesday, May 14th. They issued a "hold" rating on the stock. UBS Group upgraded KeyCorp from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $16.00 to $22.00 in a research note on Tuesday, July 8th. Truist Financial upped their price target on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research report on Monday, July 28th. Wells Fargo & Company upped their price target on KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, DA Davidson upped their price target on KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Ten research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $19.39.

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.