Intech Investment Management LLC Trims Stock Position in KeyCorp $KEY

Key Points

• Intech Investment Management LLC reduced its stake in KeyCorp by 31.6%, owning 133,039 shares worth approximately $2.13 million after selling 61,403 shares during the first quarter.
• CEO Christopher M. Gorman sold 112,149 shares for about $2.12 million, representing a 15.32% decrease in his position.
• KeyCorp reported a 20.6% increase in revenue year-over-year for the latest quarter, achieving $1.84 billion and surpassing analysts' expectations.

Intech Investment Management LLC reduced its holdings in KeyCorp (NYSE:KEY - Free Report) by 31.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 133,039 shares of the financial services provider's stock after selling 61,403 shares during the quarter. Intech Investment Management LLC's holdings in KeyCorp were worth $2,127,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in KeyCorp by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,356,598 shares of the financial services provider's stock valued at $117,632,000 after acquiring an additional 172,151 shares during the period. Woodline Partners LP increased its position in KeyCorp by 41.4% in the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock valued at $1,346,000 after acquiring an additional 24,627 shares during the period. MBB Public Markets I LLC acquired a new position in KeyCorp in the 1st quarter valued at approximately $312,000. Everstar Asset Management LLC increased its position in shares of KeyCorp by 6.2% during the first quarter. Everstar Asset Management LLC now owns 22,806 shares of the financial services provider's stock worth $365,000 after buying an additional 1,341 shares during the period. Finally, CTC Alternative Strategies Ltd. acquired a new stake in shares of KeyCorp during the first quarter worth $612,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Andrew J. Paine III sold 44,953 shares of KeyCorp stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the sale, the insider directly owned 245,044 shares in the company, valued at $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of KeyCorp stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the sale, the director owned 82,719 shares of the company's stock, valued at approximately $1,544,363.73. The trade was a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,102 shares of company stock worth $3,299,664 over the last three months. 0.52% of the stock is owned by insiders.

KeyCorp Stock Performance

Shares of KEY traded down $0.07 during trading hours on Friday, hitting $19.06. The company's stock had a trading volume of 43,882,863 shares, compared to its average volume of 27,915,580. The company has a market cap of $20.90 billion, a price-to-earnings ratio of -272.29, a PEG ratio of 0.67 and a beta of 1.15. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. The business has a 50 day simple moving average of $18.52 and a two-hundred day simple moving average of $16.74. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $1.84 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 earnings per share. On average, equities analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were paid a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 annualized dividend and a yield of 4.3%. KeyCorp's payout ratio is currently -1,171.43%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on KEY shares. Robert W. Baird cut shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price objective for the company. in a research report on Wednesday, July 2nd. Citigroup restated a "neutral" rating and issued a $20.00 price target (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Truist Financial raised their price objective on shares of KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research note on Monday, July 28th. 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, UBS Group raised shares of KeyCorp from a "neutral" rating to a "buy" rating and raised their price objective for the company from $16.00 to $22.00 in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $19.39.

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.