Caisse DE Depot ET Placement DU Quebec Has $6.15 Million Position in KeyCorp $KEY

Key Points

• Caisse DE Depot ET Placement DU Quebec reduced its stake in KeyCorp by 34.7%, selling 204,200 shares and retaining 384,800 shares valued at $6,153,000.
• KeyCorp reported an earnings per share of $0.35 for the quarter, exceeding analysts' estimates, with revenue rising by 20.6% year-over-year.
• The firm is set to pay a $0.205 quarterly dividend to shareholders on September 15th, representing a annual yield of 4.2%.

Caisse DE Depot ET Placement DU Quebec reduced its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 34.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 384,800 shares of the financial services provider's stock after selling 204,200 shares during the quarter. Caisse DE Depot ET Placement DU Quebec's holdings in KeyCorp were worth $6,153,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in KEY. Comerica Bank lifted its holdings in KeyCorp by 16.8% during the 1st quarter. Comerica Bank now owns 1,135,235 shares of the financial services provider's stock worth $18,152,000 after purchasing an additional 163,346 shares during the last quarter. ICONIQ Capital LLC acquired a new stake in KeyCorp during the 1st quarter worth approximately $174,000. Quantitative Investment Management LLC acquired a new stake in KeyCorp during the 1st quarter worth approximately $383,000. Northwestern Mutual Wealth Management Co. lifted its holdings in KeyCorp by 20.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 54,889 shares of the financial services provider's stock worth $878,000 after purchasing an additional 9,437 shares during the last quarter. Finally, Sax Wealth Advisors LLC acquired a new stake in KeyCorp during the 1st quarter worth approximately $187,000. 79.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Trina M. Evans sold 17,000 shares of KeyCorp stock in a transaction 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 transaction, the director owned 82,719 shares in the company, valued at approximately $1,544,363.73. This trade represents a 17.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value 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. The trade was a 15.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 148,149 shares of company stock worth $2,738,230. Insiders own 0.52% of the company's stock.

KeyCorp Price Performance

Shares of KEY traded up $0.03 during midday trading on Monday, hitting $19.38. The company's stock had a trading volume of 21,339,876 shares, compared to its average volume of 25,522,346. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The company's fifty day simple moving average is $18.15 and its two-hundred day simple moving average is $16.55. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $21.25 billion, a price-to-earnings ratio of -276.91, a price-to-earnings-growth ratio of 0.68 and a beta of 1.15.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) 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 company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter last year, the company posted $0.25 EPS. The company's revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, equities analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

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

Analyst Ratings Changes

KEY has been the subject of several research reports. UBS Group raised KeyCorp from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $16.00 to $22.00 in a report on Tuesday, July 8th. Baird R W cut KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Citigroup reissued a "neutral" rating and set a $20.00 price target (up from $19.00) on shares of KeyCorp in a 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 report on Tuesday, July 8th. Finally, Jefferies Financial Group started coverage on KeyCorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price objective for the company. Ten analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price 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.