KeyCorp $KEY Shares Acquired by CHURCHILL MANAGEMENT Corp

Key Points

• CHURCHILL MANAGEMENT Corp increased its holdings in KeyCorp by 4.2% during the second quarter, owning a total of 505,544 shares valued at approximately $8.8 million.
• Insider transactions included CEO Christopher M. Gorman selling 112,149 shares and insider Andrew J. Paine III selling 44,953 shares, both representing significant decreases in their ownership stakes.
• KeyCorp's recent quarterly earnings report showed an EPS of $0.35, exceeding analysts' expectations, and a year-over-year revenue increase of 20.6%.

CHURCHILL MANAGEMENT Corp lifted its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 4.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 505,544 shares of the financial services provider's stock after purchasing an additional 20,500 shares during the quarter. CHURCHILL MANAGEMENT Corp's holdings in KeyCorp were worth $8,807,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Tompkins Financial Corp acquired a new stake in shares of KeyCorp during the second quarter worth $26,000. Zions Bancorporation National Association UT acquired a new position in KeyCorp in the first quarter valued at $28,000. FSC Wealth Advisors LLC acquired a new position in KeyCorp in the first quarter valued at $34,000. Allworth Financial LP boosted its holdings in KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 1,543 shares during the last quarter. Finally, NBC Securities Inc. boosted its holdings in KeyCorp by 123,900.0% in the first quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 2,478 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Buying and Selling

In other news, CEO Christopher M. Gorman sold 112,149 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 619,895 shares of the company's stock, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew J. Paine III sold 44,953 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction 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. The trade was a 15.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 174,102 shares of company stock worth $3,299,664. 0.52% of the stock is currently owned by corporate insiders.

KeyCorp Trading Down 1.0%

Shares of KEY opened at $18.50 on Thursday. The stock's 50-day moving average is $18.58 and its two-hundred day moving average is $16.92. The stock has a market cap of $20.28 billion, a PE ratio of -264.21, a P/E/G ratio of 0.65 and a beta of 1.15. KeyCorp has a 12 month low of $12.73 and a 12 month 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 issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The company had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. During the same quarter in the previous year, the firm posted $0.25 earnings per share. The firm's quarterly revenue was up 20.6% on a year-over-year basis. Equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Bank of America lifted their target price on KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a report on Monday, June 16th. Jefferies Financial Group reduced their target price on KeyCorp from $21.00 to $20.00 and set a "hold" rating on the stock in a report on Wednesday, September 24th. Truist Financial lifted their target price on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a report on Monday, July 28th. Baird R W cut KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Finally, Evercore ISI lifted their target price on KeyCorp from $21.00 to $22.00 and gave the company an "outperform" rating in a report on Tuesday. Ten equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, KeyCorp presently has an average rating of "Hold" and an average price target of $20.08.

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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