KeyCorp (NYSE:KEY) Stock Position Trimmed by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its position in KeyCorp (NYSE:KEY - Free Report) by 38.4% in the 1st quarter, according to the company in its most recent 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 period. Allspring Global Investments Holdings LLC's holdings in KeyCorp were worth $734,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in shares of KeyCorp in the fourth quarter worth $153,235,000. Vanguard Group Inc. lifted its holdings in 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 purchasing an additional 7,754,576 shares during the period. Freestone Grove Partners LP bought a new position in KeyCorp in the 4th quarter valued at about $63,540,000. FMR LLC increased its stake in KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after buying an additional 2,938,405 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of KeyCorp during the 4th quarter worth about $42,827,000. Institutional investors own 79.69% of the company's stock.

KeyCorp Stock Performance

NYSE KEY opened at $18.48 on Thursday. The company has a market capitalization of $20.25 billion, a PE ratio of -108.71, a price-to-earnings-growth ratio of 0.69 and a beta of 1.11. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.75. The firm's fifty day simple moving average is $16.39 and its 200-day simple moving average is $16.36.

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, beating the consensus estimate 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 analyst estimates of $1.77 billion. During the same period in the previous year, the company earned $0.20 EPS. As a group, sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

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

KeyCorp Announces Dividend

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

Insider Buying and Selling

In other KeyCorp news, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the sale, the insider owned 82,523 shares of the company's stock, valued at $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mohit Ramani bought 10,000 shares of KeyCorp 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 completion of the acquisition, the insider owned 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently commented on KEY. Cowen began coverage on shares of KeyCorp in a research note on Wednesday, May 14th. They set a "hold" rating on the stock. UBS Group raised KeyCorp from a "neutral" rating to a "buy" rating and raised their target price for the company from $16.00 to $22.00 in a research note on Tuesday. Jefferies Financial Group initiated coverage on shares of KeyCorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price target on the stock. Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Finally, Barclays dropped their price target on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Eleven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.18.

KeyCorp Company 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.

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