Swedbank AB Decreases Position in KeyCorp $KEY

Key Points

• Swedbank AB decreased its stake in KeyCorp by 19.3%, holding 384,134 shares valued at $6.14 million after selling 91,627 shares.
• CEO Christopher M. Gorman and insider Andrew J. Paine III both sold a significant number of shares, leading to a 15% decrease in their ownership.
• KeyCorp reported earnings of $0.35 per share for the last quarter, beating estimates, and declared a quarterly dividend of $0.205 per share, yielding 4.4%.

Swedbank AB trimmed its position in KeyCorp (NYSE:KEY - Free Report) by 19.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 384,134 shares of the financial services provider's stock after selling 91,627 shares during the quarter. Swedbank AB's holdings in KeyCorp were worth $6,142,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. AlphaCore Capital LLC raised its position in shares of KeyCorp by 5.2% during the first quarter. AlphaCore Capital LLC now owns 13,238 shares of the financial services provider's stock worth $212,000 after acquiring an additional 651 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in KeyCorp by 34.0% during the first quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider's stock worth $42,000 after purchasing an additional 671 shares during the period. Voya Investment Management LLC grew its stake in KeyCorp by 0.3% in the first quarter. Voya Investment Management LLC now owns 276,264 shares of the financial services provider's stock valued at $4,417,000 after acquiring an additional 713 shares during the period. Centaurus Financial Inc. grew its stake in KeyCorp by 11.2% in the fourth quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider's stock valued at $124,000 after acquiring an additional 728 shares during the period. Finally, Capital Advisors Ltd. LLC grew its stake in KeyCorp by 44.1% in the first quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 766 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on KEY shares. Citigroup reissued a "neutral" rating and issued a $20.00 price objective (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Bank of America lifted their price target on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Wells Fargo & Company boosted their target price on KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Robert W. Baird cut KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a research report on Wednesday, July 2nd. Finally, UBS Group upgraded KeyCorp from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $16.00 to $22.00 in a research report on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, KeyCorp presently has an average rating of "Hold" and an average price target of $19.39.

KeyCorp Trading Down 0.4%

KEY traded down $0.07 on Friday, hitting $19.06. The company had a trading volume of 43,882,863 shares, compared to its average volume of 27,915,580. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04. The business's fifty day simple moving average is $18.52 and its 200 day simple moving average is $16.74. The company has a market cap of $20.90 billion, a PE ratio of -272.29, a PEG ratio of 0.67 and a beta of 1.15. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter in the previous year, the firm posted $0.25 earnings per share. The company's revenue was up 20.6% on a year-over-year basis. Equities research analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently disclosed 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 of this dividend was Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. KeyCorp's payout ratio is -1,171.43%.

Insider Buying and Selling

In other news, CEO Christopher M. Gorman sold 112,149 shares of the business's stock in a transaction 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 sale, the chief executive officer directly owned 619,895 shares of the company's stock, valued at $11,691,219.70. The trade was a 15.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Paine III sold 44,953 shares of the business's stock in a transaction 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 sale, the insider directly owned 245,044 shares in the company, valued at $4,726,898.76. This trade represents a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 174,102 shares of company stock valued at $3,299,664 over the last 90 days. Corporate insiders own 0.52% of the company's stock.

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.