Allspring Global Investments Holdings LLC Trims Stake in KeyCorp (NYSE:KEY)

Allspring Global Investments Holdings LLC lessened its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 38.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC acquired a new stake in KeyCorp in the 4th quarter valued at approximately $476,000. SBI Securities Co. Ltd. acquired a new stake in KeyCorp in the 4th quarter valued at approximately $34,000. Steward Partners Investment Advisory LLC raised its position in KeyCorp by 6.3% in the 4th 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. raised its position in KeyCorp by 2,232.5% in the 4th quarter. Assetmark Inc. now owns 21,132 shares of the financial services provider's stock valued at $362,000 after buying an additional 20,226 shares during the last quarter. Finally, M&T Bank Corp raised its position 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 valued at $861,000 after buying an additional 6,701 shares during the last quarter. Institutional investors own 79.69% of the company's stock.

KeyCorp Price Performance

Shares of KEY traded down $0.11 during trading hours on Friday, hitting $18.38. 7,243,924 shares of the company were exchanged, compared to its average volume of 13,160,681. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The firm's fifty day moving average is $16.46 and its 200 day moving average is $16.37. 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 market cap of $20.14 billion, a price-to-earnings ratio of -108.11, a P/E/G ratio of 0.69 and a beta of 1.11.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. During the same quarter in the prior year, the firm earned $0.20 EPS. On average, equities analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th were issued a $0.205 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $0.82 annualized dividend and a yield of 4.46%. KeyCorp's payout ratio is currently -482.35%.

KeyCorp announced that its Board of Directors has approved a share buyback plan on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

KEY has been the topic of a number of recent research reports. Morgan Stanley reissued an "equal weight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Barclays lowered their price target on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Cowen initiated coverage on KeyCorp in a research report on Wednesday, May 14th. They set a "hold" rating on the stock. Finally, Wells Fargo & Company boosted their price target on KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Tuesday. Eleven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.18.

Insiders Place Their Bets

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 37,177 shares in the company, valued at approximately $617,138.20. This represents a 11.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mohit Ramani bought 10,000 shares of the company's stock in a transaction dated Monday, April 21st. The stock was bought at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the acquisition, the insider directly owned 10,000 shares of the company's stock, valued at approximately $137,500. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.52% of the company's stock.

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.