Fifth Third Bancorp Sells 70,642 Shares of KeyCorp (NYSE:KEY)

Fifth Third Bancorp cut its stake in KeyCorp (NYSE:KEY - Free Report) by 47.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 76,791 shares of the financial services provider's stock after selling 70,642 shares during the quarter. Fifth Third Bancorp's holdings in KeyCorp were worth $1,228,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of KEY. Norges Bank bought a new stake in KeyCorp in the fourth quarter worth $153,235,000. Vanguard Group Inc. increased its stake in KeyCorp by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock worth $2,004,228,000 after purchasing an additional 7,754,576 shares during the period. Freestone Grove Partners LP bought a new stake in shares of KeyCorp during the fourth quarter worth $63,540,000. FMR LLC lifted its position in shares of KeyCorp by 7.1% during the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock worth $761,556,000 after purchasing an additional 2,938,405 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of KeyCorp during the fourth quarter worth $42,827,000. 79.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at KeyCorp

In other KeyCorp 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 value of $83,000.00. Following the transaction, the director now owns 37,177 shares in the company, valued at $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 available at the SEC website. Also, insider Mohit Ramani purchased 10,000 shares of the company's stock in a transaction dated Monday, April 21st. The shares were acquired at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the purchase, the insider now directly owns 10,000 shares of the company's stock, valued at approximately $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.52% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on KEY. Truist Financial decreased their target price on KeyCorp from $18.00 to $16.00 and set a "hold" rating for the company in a research report on Tuesday, April 22nd. Citigroup reiterated a "buy" rating on shares of KeyCorp in a research report on Thursday, April 17th. TD Cowen began coverage on KeyCorp in a research report on Thursday, May 15th. They set a "hold" rating and a $18.00 target price for the company. Wells Fargo & Company reiterated an "overweight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, Wall Street Zen upgraded KeyCorp from a "sell" rating to a "hold" rating in a research report on Monday, April 21st. Eleven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.86.

KeyCorp Price Performance

KEY opened at $15.63 on Monday. The business's 50-day moving average is $15.34 and its two-hundred day moving average is $16.46. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market capitalization of $17.12 billion, a PE ratio of -52.08, a price-to-earnings-growth ratio of 0.65 and a beta of 1.09.

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. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the firm earned $0.20 earnings per share. Research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

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

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th were paid a $0.205 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $0.82 annualized dividend and a yield of 5.25%. KeyCorp's dividend payout ratio (DPR) is presently -482.35%.

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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