Contravisory Investment Management Inc. Sells 47,069 Shares of KeyCorp $KEY

Key Points

• Contravisory Investment Management Inc. significantly reduced its stake in KeyCorp by 95.9%, selling 47,069 shares and retaining only 2,033 shares valued at $35,000 as of the latest SEC filing.
• Several institutional investors, including Vanguard Group and Price T Rowe Associates, have increased their positions in KeyCorp, reflecting a solid interest in the company among large investors.
• KeyCorp received multiple upgrades from analysts, with price targets raised by firms like Bank of America and DA Davidson, suggesting a positive outlook for the stock in the near future.

Contravisory Investment Management Inc. lowered its position in KeyCorp (NYSE:KEY - Free Report) by 95.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,033 shares of the financial services provider's stock after selling 47,069 shares during the quarter. Contravisory Investment Management Inc.'s holdings in KeyCorp were worth $35,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its position in KeyCorp by 7.2% during 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 in the last quarter. Price T Rowe Associates Inc. MD raised its stake in KeyCorp by 40.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock worth $814,756,000 after acquiring an additional 14,651,281 shares during the last quarter. 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 worth $487,882,000 after acquiring an additional 3,327,972 shares during the last quarter. Invesco Ltd. grew its position in KeyCorp by 19.5% during the 1st quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock worth $329,777,000 after purchasing an additional 3,363,421 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in KeyCorp by 2.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 11,201,253 shares of the financial services provider's stock worth $179,084,000 after purchasing an additional 319,019 shares during the period. Institutional investors own 79.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Bank of America raised their target price on KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, June 16th. DA Davidson raised their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. UBS Group raised shares of KeyCorp from a "neutral" rating to a "buy" rating and lifted their price target for the company from $16.00 to $22.00 in a research report on Tuesday, July 8th. Wells Fargo & Company lifted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Robert W. Baird lowered KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price on the stock. in a research report on Wednesday, July 2nd. Ten research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $19.39.

Insider Activity

In other news, CEO Christopher M. Gorman sold 112,149 shares of the company's stock in a transaction dated 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 sale, the chief executive officer directly owned 619,895 shares of the company's stock, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew J. Paine III sold 44,953 shares of the stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the transaction, the insider directly owned 245,044 shares of the company's stock, valued at $4,726,898.76. This represents a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 174,102 shares of company stock valued at $3,299,664. Insiders own 0.52% of the company's stock.

KeyCorp Price Performance

Shares of KEY opened at $19.13 on Friday. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The stock has a market cap of $20.98 billion, a PE ratio of -273.29, a price-to-earnings-growth ratio of 0.66 and a beta of 1.15. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a fifty day moving average price of $18.51 and a 200 day moving average price of $16.73.

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 analysts' consensus estimates of $0.34 by $0.01. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The firm had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.81 billion. During the same period in the previous year, the company earned $0.25 earnings per share. KeyCorp's quarterly revenue was up 20.6% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, September 2nd. KeyCorp's dividend payout ratio is presently -1,171.43%.

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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