KeyCorp $KEY Shares Purchased by Gradient Investments LLC

Key Points

• Gradient Investments LLC raised its stake in KeyCorp by 797.9% in Q4 to 897,563 shares, worth about $18.53 million.
• Other large institutions also boosted exposure—Wellington and Capital World added tens of millions of shares while Norges Bank and HoldCo opened sizable positions—leaving institutional investors with roughly 79.69% ownership of KeyCorp.
• Insiders have sold 161,506 shares (~$3.6M) in the past 90 days; KeyCorp recently beat EPS estimates and pays a quarterly dividend of $0.205 (annualized yield ~4.2%).

Gradient Investments LLC raised its stake in KeyCorp (NYSE:KEY - Free Report) by 797.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 897,563 shares of the financial services provider's stock after buying an additional 797,599 shares during the period. Gradient Investments LLC owned approximately 0.08% of KeyCorp worth $18,526,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the last quarter. Capital World Investors boosted its position in shares of KeyCorp by 169.2% in the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider's stock valued at $388,546,000 after purchasing an additional 13,067,326 shares during the period. Norges Bank purchased a new position in KeyCorp in the 2nd quarter worth about $195,642,000. HoldCo Asset Management LP purchased a new position in KeyCorp in the 2nd quarter worth about $86,995,000. Finally, JPMorgan Chase & Co. raised its holdings in KeyCorp by 123.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider's stock worth $125,122,000 after buying an additional 3,967,544 shares during the period. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Activity

In related news, insider Angela G. Mago sold 62,850 shares of the stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the completion of the sale, the insider directly owned 261,415 shares in the company, valued at approximately $5,633,493.25. This trade represents a 19.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the sale, the director directly owned 58,719 shares of the company's stock, valued at approximately $1,276,551.06. The trade was a 35.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 161,506 shares of company stock worth $3,597,481 in the last ninety days. Corporate insiders own 0.52% of the company's stock.

KeyCorp Price Performance

Shares of KEY opened at $19.39 on Monday. The business's 50-day moving average is $21.09 and its 200-day moving average is $19.67. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $21.12 billion, a price-to-earnings ratio of 12.75, a P/E/G ratio of 0.58 and a beta of 1.08. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $23.34.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The business had revenue of $5.45 billion during the quarter, compared to analysts' expectations of $1.95 billion. During the same period last year, the company posted $0.30 earnings per share. The firm's quarterly revenue was up 131.8% compared to the same quarter last year. Equities research analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were paid a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.2%. KeyCorp's dividend payout ratio (DPR) is 53.95%.

Analyst Upgrades and Downgrades

Several research analysts have commented on KEY shares. Evercore raised their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Thursday, February 5th. Truist Financial boosted their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a "hold" rating in a report on Monday, January 26th. DA Davidson set a $25.00 price target on shares of KeyCorp in a research report on Wednesday, January 21st. The Goldman Sachs Group raised their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of KeyCorp from $21.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, December 17th. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, KeyCorp presently has an average rating of "Moderate Buy" and an average target price of $23.03.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank's offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company's product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.

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