KeyCorp $KEY Shares Bought by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its holdings in KeyCorp by 4.4%, owning over 1.23 million shares valued at approximately $19.7 million by the end of the first quarter.
• Analyst ratings have varied, with Wells Fargo raising its price target from $18.00 to $20.00, while Robert W. Baird downgraded the stock from "outperform" to "neutral" with an $18.00 target.
• KeyCorp announced a dividend of $0.205 per share, with a payout ratio of -1,171.43%, which reflects a high dividend yield of 4.3% and a significant annual payout commitment.

Alliancebernstein L.P. grew its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 4.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,233,478 shares of the financial services provider's stock after purchasing an additional 51,746 shares during the period. Alliancebernstein L.P. owned approximately 0.11% of KeyCorp worth $19,723,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Brighton Jones LLC bought a new stake in shares of KeyCorp during the 4th quarter worth about $476,000. Captrust Financial Advisors raised its position in shares of KeyCorp by 6.9% during the 4th quarter. Captrust Financial Advisors now owns 40,895 shares of the financial services provider's stock worth $701,000 after buying an additional 2,645 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in shares of KeyCorp during the 4th quarter worth about $192,000. Focus Partners Wealth raised its position in shares of KeyCorp by 173.4% during the 4th quarter. Focus Partners Wealth now owns 300,322 shares of the financial services provider's stock worth $5,148,000 after buying an additional 190,485 shares in the last quarter. Finally, Gotham Asset Management LLC raised its position in shares of KeyCorp by 8.4% during the 4th quarter. Gotham Asset Management LLC now owns 17,797 shares of the financial services provider's stock worth $305,000 after buying an additional 1,374 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Robert W. Baird downgraded shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target on the stock. in a research report on Wednesday, July 2nd. Citigroup restated a "neutral" rating and set a $20.00 price target (up from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. Bank of America lifted their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Finally, Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $19.39.

Insiders Place Their Bets

In other news, Director Trina M. Evans sold 17,000 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the sale, the director owned 82,719 shares in the company, valued at $1,544,363.73. This represents a 17.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the transaction, the chief executive officer owned 619,895 shares in the company, valued at $11,691,219.70. This represents a 15.32% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.

KeyCorp Trading Up 0.7%

Shares of KEY opened at $19.23 on Thursday. The business's 50-day moving average price is $18.45 and its 200 day moving average price is $16.64. The stock has a market capitalization of $21.08 billion, a P/E ratio of -274.64, a P/E/G ratio of 0.67 and a beta of 1.15. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. 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 issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share 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 firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. During the same quarter last year, the business posted $0.25 EPS. KeyCorp's revenue was up 20.6% on a year-over-year basis. Analysts expect 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 will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's payout ratio is -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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