Gradient Investments LLC Invests $1.97 Million in KeyCorp $KEY

Key Points

• Gradient Investments LLC has invested approximately $1.97 million in KeyCorp, acquiring 113,243 shares during the second quarter.
• Several analysts recently upgraded KeyCorp's stock rating, with DA Davidson raising the target price from $19.00 to $21.00 and UBS Group increasing it from $16.00 to $22.00.
• KeyCorp reported $1.84 billion in revenue for the last quarter, which exceeded analysts' expectations and marked a 20.6% increase compared to the previous year's revenue.

Gradient Investments LLC acquired a new position in KeyCorp (NYSE:KEY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 113,243 shares of the financial services provider's stock, valued at approximately $1,973,000.

Several other hedge funds also recently made changes to their positions in KEY. Fourth Dimension Wealth LLC acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $28,000. Zions Bancorporation National Association UT purchased a new position in shares of KeyCorp in the first quarter worth approximately $28,000. Allworth Financial LP increased its position in shares of KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock worth $32,000 after acquiring an additional 1,543 shares in the last quarter. FSC Wealth Advisors LLC purchased a new position in shares of KeyCorp in the first quarter worth approximately $34,000. Finally, NBC Securities Inc. increased its position in shares of KeyCorp by 123,900.0% in the first quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock worth $39,000 after acquiring an additional 2,478 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. DA Davidson lifted their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. UBS Group raised shares of KeyCorp from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $16.00 to $22.00 in a research report on Tuesday, July 8th. Jefferies Financial Group assumed coverage on shares of KeyCorp in a report on Wednesday, May 21st. They set a "hold" rating and a $18.00 price target for the company. Robert W. Baird cut shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company raised their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $19.39.

KeyCorp Price Performance

Shares of KeyCorp stock opened at $18.84 on Tuesday. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The firm has a fifty day simple moving average of $18.49 and a 200-day simple moving average of $16.68. The stock has a market capitalization of $20.65 billion, a price-to-earnings ratio of -269.07, a PEG ratio of 0.67 and a beta of 1.15. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71.

KeyCorp (NYSE:KEY - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping 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 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 firm posted $0.25 earnings per share. KeyCorp's revenue was up 20.6% compared to the same quarter last year. On average, sell-side analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

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

Insider Buying and Selling

In related news, CEO Christopher M. Gorman sold 112,149 shares of the business's stock in a transaction on 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 of the company's stock, valued at approximately $11,691,219.70. The trade was a 15.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the business's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director directly owned 82,719 shares in the company, valued at $1,544,363.73. This trade represents a 17.05% 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 valued at $3,299,664. 0.52% of the stock is owned by company insiders.

KeyCorp 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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