Avanza Fonder AB Sells 33,241 Shares of KeyCorp (NYSE:KEY)

Avanza Fonder AB cut its holdings in KeyCorp (NYSE:KEY - Free Report) by 35.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,152 shares of the financial services provider's stock after selling 33,241 shares during the quarter. Avanza Fonder AB's holdings in KeyCorp were worth $983,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of KEY. Whittier Trust Co. increased its holdings in KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock worth $26,000 after purchasing an additional 800 shares in the last quarter. Ethos Financial Group LLC acquired a new position in shares of KeyCorp in the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC bought a new position in KeyCorp in the 4th quarter valued at approximately $28,000. SBI Securities Co. Ltd. acquired a new stake in KeyCorp during the 4th quarter worth approximately $34,000. Finally, TCTC Holdings LLC boosted its position in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after buying an additional 611 shares during the period. Institutional investors own 79.69% of the company's stock.

KeyCorp Stock Up 2.1%

Shares of KEY stock traded up $0.33 on Monday, reaching $15.98. 6,554,537 shares of the company were exchanged, compared to its average volume of 12,925,835. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The company has a 50-day moving average of $15.34 and a 200-day moving average of $16.46. The company has a market cap of $17.51 billion, a price-to-earnings ratio of -53.28, a PEG ratio of 0.65 and a beta of 1.09. KeyCorp has a one year low of $12.73 and a one year high of $20.04.

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 (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same quarter in the prior year, the company earned $0.20 earnings per share. Analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp declared that its board has authorized a share repurchase plan 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 plans are typically a sign that the company's board of directors believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 5.13%. KeyCorp's dividend payout ratio (DPR) is presently -482.35%.

Insiders Place Their Bets

In related news, insider Mohit Ramani bought 10,000 shares of the company's stock in a transaction dated Monday, April 21st. The shares were bought at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the completion of the acquisition, the insider now directly owns 10,000 shares of the company's stock, valued at $137,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Carlton L. Highsmith sold 5,000 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on KEY shares. JPMorgan Chase & Co. dropped their price target on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Wall Street Zen upgraded KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Royal Bank of Canada reaffirmed an "outperform" rating on shares of KeyCorp in a report on Thursday, April 17th. Keefe, Bruyette & Woods reduced their price target on KeyCorp from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Jefferies Financial Group started coverage on KeyCorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $18.00 price objective for the company. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, KeyCorp currently has a consensus rating of "Moderate Buy" and an average target price of $18.92.

About KeyCorp

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.