KeyCorp $KEY Shares Purchased by Azora Capital LP

Key Points

• Azora Capital LP increased its stake in KeyCorp by 49.6% during the first quarter, making it their 12th largest holding with 2.3 million shares valued at approximately $37 million.
• KeyCorp's CEO Christopher M. Gorman sold 112,149 shares recently, reducing his ownership by 15.32%, while insiders have collectively sold 148,149 shares worth nearly $2.74 million in the past 90 days.
• Analysts remain optimistic, with multiple upgrades leading to a consensus rating of "Hold" and an average target price of $19.39 for KeyCorp's stock.

Azora Capital LP boosted its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 49.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,319,853 shares of the financial services provider's stock after acquiring an additional 768,780 shares during the quarter. KeyCorp comprises 2.5% of Azora Capital LP's holdings, making the stock its 12th largest holding. Azora Capital LP owned approximately 0.21% of KeyCorp worth $37,094,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Sequoia Financial Advisors LLC boosted its holdings in KeyCorp by 4.8% in the first quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider's stock valued at $1,101,000 after purchasing an additional 3,145 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of KeyCorp during the first quarter worth about $2,171,000. Cambridge Investment Research Advisors Inc. increased its position in shares of KeyCorp by 31.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 111,757 shares of the financial services provider's stock worth $1,787,000 after purchasing an additional 26,615 shares in the last quarter. Asset Management One Co. Ltd. increased its position in KeyCorp by 4.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 379,514 shares of the financial services provider's stock valued at $6,068,000 after acquiring an additional 15,367 shares during the period. Finally, Blue Trust Inc. increased its position in KeyCorp by 41.9% in the 1st quarter. Blue Trust Inc. now owns 20,786 shares of the financial services provider's stock valued at $332,000 after acquiring an additional 6,135 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at KeyCorp

In related news, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the sale, the chief executive officer directly owned 619,895 shares of the company's stock, valued at $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 is available through this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the company's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the completion of the sale, the director directly owned 82,719 shares in the company, valued at approximately $1,544,363.73. The trade was a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,149 shares of company stock worth $2,738,230 in the last 90 days. 0.52% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on KEY shares. Bank of America boosted their target price on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. UBS Group raised KeyCorp from a "neutral" rating to a "buy" rating and upped their target price for the company from $16.00 to $22.00 in a research note on Tuesday, July 8th. Citigroup reissued a "neutral" rating and set a $20.00 price target (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. TD Cowen initiated coverage on KeyCorp in a research note on Thursday, May 15th. They set a "hold" rating and a $18.00 price target on the stock. Finally, DA Davidson increased their target price on KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Ten investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $19.39.

KeyCorp Stock Performance

KEY opened at $19.37 on Friday. The business's 50 day moving average is $18.09 and its 200-day moving average is $16.55. The stock has a market cap of $21.23 billion, a PE ratio of -276.64, a price-to-earnings-growth ratio of 0.69 and a beta of 1.13. 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 has a twelve month low of $12.73 and a twelve month high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. The business 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%. The business's revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter last year, the business earned $0.25 earnings per share. On average, analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.205 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 4.2%. KeyCorp's dividend payout ratio is currently -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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