Exchange Traded Concepts LLC Lowers Position in KeyCorp (NYSE:KEY)

Exchange Traded Concepts LLC lowered its holdings in KeyCorp (NYSE:KEY - Free Report) by 96.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,959 shares of the financial services provider's stock after selling 212,336 shares during the period. Exchange Traded Concepts LLC's holdings in KeyCorp were worth $111,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of KEY. Brighton Jones LLC purchased a new stake in shares of KeyCorp in the 4th quarter valued at about $476,000. Principal Financial Group Inc. raised its holdings in shares of KeyCorp by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider's stock valued at $19,149,000 after buying an additional 36,424 shares in the last quarter. Truist Financial Corp lifted its position in KeyCorp by 27.1% in the 4th quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider's stock worth $1,643,000 after buying an additional 20,424 shares during the last quarter. Private Advisor Group LLC lifted its position in KeyCorp by 1.3% in the 4th quarter. Private Advisor Group LLC now owns 153,783 shares of the financial services provider's stock worth $2,636,000 after buying an additional 1,985 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in KeyCorp by 4.8% in the 4th quarter. IFP Advisors Inc now owns 16,260 shares of the financial services provider's stock worth $282,000 after buying an additional 739 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Mohit Ramani bought 10,000 shares of the firm's stock in a transaction on Monday, April 21st. The stock was acquired at an average price of $13.75 per share, with a total value of $137,500.00. Following the transaction, the insider now owns 10,000 shares in the company, valued at $137,500. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the transaction, the insider now directly owns 82,523 shares of the company's stock, valued at approximately $1,327,795.07. This trade represents a 18.71% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.52% of the company's stock.

KeyCorp Price Performance

KEY opened at $16.75 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The stock has a market capitalization of $18.35 billion, a PE ratio of -98.50, a price-to-earnings-growth ratio of 0.62 and a beta of 1.09. The stock's 50 day moving average price is $15.64 and its 200-day moving average price is $16.34.

KeyCorp (NYSE:KEY - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. The firm had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. During the same period in the previous year, the firm earned $0.20 earnings per share. On average, equities research analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp declared that its Board of Directors has authorized a share buyback program on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th were given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date was Tuesday, May 27th. KeyCorp's dividend payout ratio is presently -482.35%.

Analyst Upgrades and Downgrades

KEY has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their target price on KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Bank of America boosted their target price on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Royal Bank Of Canada restated an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Keefe, Bruyette & Woods dropped their target price on KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Finally, Jefferies Financial Group initiated coverage on KeyCorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price target on the stock. Twelve investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, KeyCorp currently has an average rating of "Moderate Buy" and a consensus target price of $18.92.

KeyCorp Company 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.

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