Wellington Management Group LLP Trims Stock Holdings in KeyCorp (NYSE:KEY)

Wellington Management Group LLP lowered its holdings in KeyCorp (NYSE:KEY - Free Report) by 38.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 402,582 shares of the financial services provider's stock after selling 254,800 shares during the quarter. Wellington Management Group LLP's holdings in KeyCorp were worth $6,900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of KeyCorp by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock worth $2,004,228,000 after acquiring an additional 7,754,576 shares during the period. FMR LLC grew its holdings in shares of KeyCorp by 7.1% in the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock worth $761,556,000 after acquiring an additional 2,938,405 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of KeyCorp by 4.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider's stock worth $622,229,000 after acquiring an additional 1,645,296 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of KeyCorp by 4.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider's stock worth $566,626,000 after acquiring an additional 1,452,179 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in KeyCorp by 4.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider's stock valued at $465,929,000 after purchasing an additional 1,062,615 shares during the period. Institutional investors own 79.69% of the company's stock.

KeyCorp Stock Performance

KEY traded up $0.43 during midday trading on Friday, hitting $16.33. 8,923,936 shares of the company were exchanged, compared to its average volume of 13,001,335. The company's 50 day simple moving average is $15.13 and its 200 day simple moving average is $16.62. The firm has a market capitalization of $17.90 billion, a price-to-earnings ratio of -54.43, a price-to-earnings-growth ratio of 0.65 and a beta of 1.10. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. The company had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same period last year, the business earned $0.20 earnings per share. As a group, sell-side 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 Friday, June 13th. Shareholders of record on Tuesday, May 27th will be issued a $0.205 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 5.02%. KeyCorp's payout ratio is -482.35%.

KeyCorp declared that its Board of Directors has approved a share repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on KEY. JPMorgan Chase & Co. decreased their target price on KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Royal Bank of Canada restated an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Citigroup reissued a "buy" rating on shares of KeyCorp in a research note on Thursday, April 17th. Morgan Stanley restated an "equal weight" rating on shares of KeyCorp in a report on Thursday, April 17th. Finally, Cowen began coverage on shares of KeyCorp in a research note on Wednesday, May 14th. They issued a "hold" rating on the stock. Eleven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, KeyCorp has an average rating of "Moderate Buy" and a consensus price target of $18.86.

Insider Buying and Selling at KeyCorp

In related news, insider Mohit Ramani purchased 10,000 shares of the business's stock in a transaction that occurred on Monday, April 21st. The stock was bought at an average price of $13.75 per share, with a total value of $137,500.00. Following the acquisition, the insider now owns 10,000 shares in the company, valued at $137,500. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the sale, the director now owns 37,177 shares of the company's stock, valued at $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.

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.