Commerce Bank Cuts Position in KeyCorp (NYSE:KEY)

Key Points

• Commerce Bank has reduced its holdings in KeyCorp by 16.3%, now owning 126,363 shares valued at approximately $2.02 million.
• KeyCorp reported a net income of $0.35 EPS for the latest quarter, exceeding analysts' expectations and reflecting a 20.6% increase in revenue year-over-year.
• The company has announced a quarterly dividend of $0.205 per share, resulting in an annualized payout of $0.82 and a dividend yield of 4.6%.

Commerce Bank lessened its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 16.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 126,363 shares of the financial services provider's stock after selling 24,525 shares during the quarter. Commerce Bank's holdings in KeyCorp were worth $2,021,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of KEY. FMR LLC lifted its stake in shares of KeyCorp by 7.1% in the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock worth $761,556,000 after acquiring an additional 2,938,405 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of KeyCorp by 4.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider's stock worth $622,229,000 after buying an additional 1,645,296 shares during the period. Fuller & Thaler Asset Management Inc. raised its stake in KeyCorp by 4.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider's stock worth $465,929,000 after buying an additional 1,062,615 shares during the last quarter. Invesco Ltd. lifted its holdings in KeyCorp by 2.9% in the fourth quarter. Invesco Ltd. now owns 17,260,508 shares of the financial services provider's stock valued at $295,845,000 after buying an additional 479,604 shares during the period. Finally, Northern Trust Corp boosted its position in KeyCorp by 14.4% during the fourth quarter. Northern Trust Corp now owns 11,240,159 shares of the financial services provider's stock valued at $192,656,000 after acquiring an additional 1,417,297 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

KEY stock traded down $0.11 during mid-day trading on Thursday, reaching $17.39. The company's stock had a trading volume of 20,230,509 shares, compared to its average volume of 16,913,414. The stock has a market cap of $19.05 billion, a PE ratio of -248.36, a P/E/G ratio of 0.63 and a beta of 1.13. The company's 50 day moving average is $17.34 and its two-hundred day moving average is $16.48. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. 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 issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.81 billion. During the same period last year, the company earned $0.25 EPS. The company's quarterly revenue was up 20.6% on a year-over-year basis. Equities research analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio is -1,171.43%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on KEY shares. Truist Financial lifted their target price on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research report on Monday, July 28th. Morgan Stanley reissued an "equal weight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Robert W. Baird lowered shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a research report on Wednesday, July 2nd. Barclays lowered their target price on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Finally, Bank of America lifted their target price on shares of KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Twelve analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, KeyCorp currently has a consensus rating of "Hold" and an average target price of $19.39.

Insiders Place Their Bets

In other news, Director Carlton L. Highsmith sold 5,000 shares of KeyCorp stock in a transaction dated 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. The trade was a 11.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Trina M. Evans sold 17,000 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the sale, the director owned 82,719 shares of the company's stock, valued at approximately $1,544,363.73. This represents a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 153,149 shares of company stock valued at $2,821,230 in the last three months. Corporate insiders own 0.52% of the company's stock.

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.