Allspring Global Investments Holdings LLC Reduces Stock Holdings in KeyCorp (NYSE:KEY)

Allspring Global Investments Holdings LLC decreased its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 38.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,487 shares of the financial services provider's stock after selling 29,012 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in KeyCorp were worth $734,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC bought a new position in KeyCorp in the 4th quarter worth about $476,000. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp in the fourth quarter worth approximately $34,000. Steward Partners Investment Advisory LLC grew its holdings in shares of KeyCorp by 6.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 29,876 shares of the financial services provider's stock valued at $512,000 after buying an additional 1,775 shares during the last quarter. Assetmark Inc. increased its position in shares of KeyCorp by 2,232.5% during the fourth quarter. Assetmark Inc. now owns 21,132 shares of the financial services provider's stock valued at $362,000 after acquiring an additional 20,226 shares in the last quarter. Finally, M&T Bank Corp raised its holdings in KeyCorp by 15.4% in the 4th quarter. M&T Bank Corp now owns 50,208 shares of the financial services provider's stock worth $861,000 after acquiring an additional 6,701 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

KEY has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price target on KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Baird R W downgraded KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. TD Cowen started coverage on shares of KeyCorp in a research note on Thursday, May 15th. They set a "hold" rating and a $18.00 target price on the stock. Wall Street Zen raised shares of KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Finally, Morgan Stanley reissued an "equal weight" rating on shares of KeyCorp in a report on Thursday, April 17th. Eleven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $19.18.

Insider Activity

In related news, insider Mohit Ramani purchased 10,000 shares of KeyCorp stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the transaction, the insider directly owned 10,000 shares in the company, valued at approximately $137,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.09, for a total value of $305,710.00. Following the sale, the insider owned 82,523 shares of the company's stock, valued at approximately $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.52% of the company's stock.

KeyCorp Price Performance

Shares of NYSE:KEY traded up $0.02 during trading on Thursday, reaching $18.48. 15,971,588 shares of the company's stock traded hands, compared to its average volume of 13,171,470. The firm has a market cap of $20.25 billion, a PE ratio of -108.68, a P/E/G ratio of 0.69 and a beta of 1.11. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.75. The company has a 50-day simple moving average of $16.39 and a 200-day simple moving average of $16.36.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. The business had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the previous year, the business earned $0.20 earnings per share. As a group, analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.44%. The ex-dividend date of this dividend was Tuesday, May 27th. KeyCorp's payout ratio is -482.35%.

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

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.