Drucker Wealth 3.0 LLC Makes New Investment in KeyCorp $KEY

Key Points

• Drucker Wealth 3.0 LLC purchased 18,695 shares of KeyCorp, valued at approximately $345,000, during the second quarter, indicating growing institutional interest in the financial services provider.
• KeyCorp's insiders, including CEO Christopher M. Gorman and Director Trina M. Evans, sold significant amounts of stock recently, resulting in a 15.32% to 17.05% decrease in their ownership.
• Analysts have mixed ratings on KeyCorp, with ten recommending a buy and a price target range of $20.53 to $23.00, suggesting a cautious outlook amidst fluctuating valuations.

Drucker Wealth 3.0 LLC bought a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 18,695 shares of the financial services provider's stock, valued at approximately $345,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tompkins Financial Corp bought a new stake in shares of KeyCorp during the second quarter worth $26,000. Zions Bancorporation National Association UT bought a new stake in shares of KeyCorp during the first quarter worth $28,000. FSC Wealth Advisors LLC bought a new stake in shares of KeyCorp during the first quarter worth $34,000. Allworth Financial LP grew its stake in shares of KeyCorp by 246.9% during the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock worth $32,000 after buying an additional 1,543 shares during the last quarter. Finally, SBI Securities Co. Ltd. grew its stake in shares of KeyCorp by 34.0% during the first quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider's stock worth $42,000 after buying an additional 671 shares during the last quarter. Institutional investors own 79.69% of the company's stock.

Insider Activity

In other news, Director Trina M. Evans sold 17,000 shares of the company's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director owned 82,719 shares in the company, valued at approximately $1,544,363.73. This represents a 17.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $2,115,130.14. Following the transaction, the chief executive officer owned 619,895 shares in the company, valued at $11,691,219.70. This represents a 15.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 174,102 shares of company stock worth $3,299,664. Company insiders own 0.52% of the company's stock.

Analyst Ratings Changes

KEY has been the topic of several analyst reports. DA Davidson boosted their price objective 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. Jefferies Financial Group reduced their price objective on shares of KeyCorp from $21.00 to $20.00 and set a "hold" rating on the stock in a research note on Wednesday, September 24th. UBS Group boosted their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Finally, Weiss Ratings restated a "hold (c)" rating on shares of KeyCorp in a report on Wednesday. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $20.53.

KeyCorp Price Performance

KEY stock opened at $17.19 on Friday. The firm has a market cap of $18.85 billion, a price-to-earnings ratio of -245.57, a PEG ratio of 0.60 and a beta of 1.15. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04. The company's fifty day simple moving average is $18.58 and its 200 day simple moving average is $17.02.

KeyCorp (NYSE:KEY - Get Free Report) last released its 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 net margin of 1.49% and a return on equity of 9.65%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter in the previous year, the business earned $0.25 earnings per share. KeyCorp's revenue for the quarter was up 20.6% on a year-over-year basis. On average, analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.8%. KeyCorp's dividend payout ratio is currently -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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