Golden State Equity Partners Acquires New Stake in KeyCorp $KEY

Key Points

• Golden State Equity Partners acquired a new stake in KeyCorp, purchasing 13,694 shares for approximately $239,000 during the 2nd quarter, highlighting increasing institutional interest in the financial services provider.
• KeyCorp's CEO Christopher M. Gorman sold 112,149 shares valued at over $2 million, reflecting a 15.32% reduction in his ownership stake.
• KeyCorp's quarterly earnings surpassed expectations, with a reported $0.35 EPS, exceeding the consensus estimate by $0.01, while revenue increased by 20.6% compared to the same period last year.

Golden State Equity Partners acquired a new stake in KeyCorp (NYSE:KEY - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 13,694 shares of the financial services provider's stock, valued at approximately $239,000.

Other institutional investors have also added to or reduced their stakes in the company. Tompkins Financial Corp bought a new stake in KeyCorp in the 2nd quarter valued at $26,000. Zions Bancorporation National Association UT acquired a new stake in KeyCorp in the 1st quarter valued at $28,000. FSC Wealth Advisors LLC acquired a new stake in KeyCorp in the 1st quarter valued at $34,000. Allworth Financial LP increased its stake in KeyCorp by 246.9% in the 1st quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after buying an additional 1,543 shares during the last quarter. Finally, NBC Securities Inc. increased its stake in KeyCorp by 123,900.0% in the 1st quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock valued at $39,000 after buying an additional 2,478 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

Insider Transactions at KeyCorp

In other KeyCorp news, CEO Christopher M. Gorman sold 112,149 shares of the company's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total value of $2,115,130.14. Following the transaction, the chief executive officer directly owned 619,895 shares of the company's stock, valued at $11,691,219.70. This represents a 15.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Andrew J. Paine III sold 44,953 shares of KeyCorp stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total value of $867,143.37. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last quarter, 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

Several equities research analysts have issued reports on KEY shares. Robert W. Baird lowered shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target on the stock. in a research note on Wednesday, July 2nd. 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 note on Tuesday, July 8th. DA Davidson lifted their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Baird R W lowered shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Finally, Bank of America lifted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Ten research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, KeyCorp has an average rating of "Moderate Buy" and an average price target of $19.47.

KeyCorp Stock Up 0.1%

KeyCorp stock opened at $18.74 on Wednesday. The firm has a market capitalization of $20.54 billion, a PE ratio of -267.66, a P/E/G ratio of 0.66 and a beta of 1.15. The company's 50-day moving average is $18.55 and its 200-day moving average is $16.79. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. KeyCorp's revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 EPS. Sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.4%. KeyCorp's dividend payout ratio is presently -1,171.43%.

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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