KG&L Capital Management LLC Sells 34,913 Shares of KeyCorp $KEY

Key Points

• KG&L Capital Management LLC reduced its stake in KeyCorp by 36.4% after selling 34,913 shares, now holding 61,049 shares valued at approximately $1,063,000.
• Insider sales included CEO Christopher M. Gorman selling 112,149 shares for about $2.12 million, and overall, insiders sold a total of 174,102 shares worth $3.30 million in the last three months.
• KeyCorp reported a 20.6% year-over-year revenue increase in its latest quarterly earnings, posting an EPS of $0.35 which exceeded analysts' expectations.

KG&L Capital Management LLC cut its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 36.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,049 shares of the financial services provider's stock after selling 34,913 shares during the quarter. KG&L Capital Management LLC's holdings in KeyCorp were worth $1,063,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in KEY. Dakota Wealth Management increased its holdings in KeyCorp by 2.2% in the 2nd quarter. Dakota Wealth Management now owns 27,374 shares of the financial services provider's stock worth $477,000 after acquiring an additional 586 shares in the last quarter. AlphaCore Capital LLC grew its holdings in KeyCorp by 5.2% during the 1st quarter. AlphaCore Capital LLC now owns 13,238 shares of the financial services provider's stock valued at $212,000 after buying an additional 651 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in KeyCorp by 34.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider's stock valued at $42,000 after buying an additional 671 shares in the last quarter. Voya Investment Management LLC grew its holdings in KeyCorp by 0.3% during the 1st quarter. Voya Investment Management LLC now owns 276,264 shares of the financial services provider's stock valued at $4,417,000 after buying an additional 713 shares in the last quarter. Finally, Centaurus Financial Inc. grew its holdings in KeyCorp by 11.2% during the 4th quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider's stock valued at $124,000 after buying an additional 728 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Christopher M. Gorman sold 112,149 shares of the firm's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total value of $2,115,130.14. Following the completion of the sale, the chief executive officer directly owned 619,895 shares in the company, valued at $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Paine III sold 44,953 shares of KeyCorp stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total value of $867,143.37. Following the sale, the insider owned 245,044 shares of the company's stock, valued at approximately $4,726,898.76. This trade represents a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,102 shares of company stock worth $3,299,664 over the last three months. 0.52% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. UBS Group raised shares of KeyCorp from a "neutral" rating to a "buy" rating and increased their price objective for the company from $16.00 to $22.00 in a report on Tuesday, July 8th. Bank of America increased their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a report on Monday, June 16th. Wells Fargo & Company increased their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Robert W. Baird lowered shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price objective for the company. in a report on Wednesday, July 2nd. Finally, Citigroup reaffirmed a "neutral" rating and set a $20.00 price objective (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Ten analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $19.58.

KeyCorp Stock Up 0.4%

Shares of KEY opened at $18.89 on Friday. The company has a market cap of $20.71 billion, a PE ratio of -269.79, a P/E/G ratio of 0.66 and a beta of 1.15. The business has a fifty day moving average of $18.58 and a 200 day moving average of $16.86. KeyCorp has a 52-week low of $12.73 and a 52-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 0.71.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.KeyCorp's revenue was up 20.6% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share. On average, sell-side analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a $0.205 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. KeyCorp's dividend payout ratio (DPR) is currently -1,171.43%.

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.

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