Clearstead Advisors LLC Sells 75,760 Shares of KeyCorp $KEY

Key Points

• Clearstead Advisors LLC cut its KeyCorp stake by 7.2% in the fourth quarter, selling 75,760 shares and ending with 977,994 shares worth about $20.2 million.
• KeyCorp reported strong quarterly results, with EPS of $0.44 beating estimates of $0.41 and revenue of $1.95 billion topping expectations; revenue rose 10.2% year over year.
• The company also announced a quarterly dividend of $0.205 per share and authorized a $3 billion share repurchase program, which could signal confidence in the stock’s valuation.

Clearstead Advisors LLC reduced its stake in KeyCorp (NYSE:KEY - Free Report) by 7.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 977,994 shares of the financial services provider's stock after selling 75,760 shares during the period. Clearstead Advisors LLC owned 0.09% of KeyCorp worth $20,186,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in KEY. Brighton Jones LLC bought a new position in KeyCorp in the 4th quarter worth about $476,000. Woodline Partners LP grew its stake in KeyCorp by 41.4% in the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock worth $1,346,000 after acquiring an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in KeyCorp by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock worth $90,000 after acquiring an additional 1,890 shares in the last quarter. Cresset Asset Management LLC boosted its stake in shares of KeyCorp by 6.5% during the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock valued at $263,000 after purchasing an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. bought a new position in shares of KeyCorp during the second quarter valued at approximately $186,000. 79.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on KEY. DA Davidson increased their price objective on shares of KeyCorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Weiss Ratings upgraded shares of KeyCorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Truist Financial dropped their price objective on shares of KeyCorp from $23.00 to $22.00 and set a "hold" rating on the stock in a research note on Monday, March 23rd. Evercore reiterated an "outperform" rating on shares of KeyCorp in a research note on Tuesday, April 21st. Finally, Susquehanna increased their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the company a "positive" rating in a research note on Monday, May 18th. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $42.78.

KeyCorp Trading Up 0.1%

NYSE:KEY opened at $21.59 on Monday. KeyCorp has a 52 week low of $15.28 and a 52 week high of $23.34. The firm has a 50 day moving average of $20.89 and a 200 day moving average of $20.55. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $23.40 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 0.69 and a beta of 1.06.

KeyCorp (NYSE:KEY - Get Free Report) last posted its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.93 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. KeyCorp's revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. KeyCorp's dividend payout ratio is presently 50.31%.

KeyCorp announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 13% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares of the company's stock, valued at $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.56% of the stock is owned by insiders.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank's offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company's product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.

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