Korea Investment CORP Has $2.60 Million Stake in KeyCorp $KEY

Key Points

• Korea Investment CORP reduced its stake in KeyCorp by 12.1%, selling 22,434 shares during the first quarter, leaving it with holdings worth approximately $2.6 million.
• Several other institutional investors increased their positions in KeyCorp, with Sequoia Financial Advisors boosting theirs by 4.8% and Cambridge Investment Research Advisors increasing theirs by 31.3%.
• KeyCorp recently announced a quarterly dividend of $0.205 per share, reflecting a 4.3% dividend yield, which will be paid to stockholders on September 15th.

Korea Investment CORP trimmed its position in KeyCorp (NYSE:KEY - Free Report) by 12.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 162,324 shares of the financial services provider's stock after selling 22,434 shares during the period. Korea Investment CORP's holdings in KeyCorp were worth $2,596,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC lifted its stake in shares of KeyCorp by 4.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider's stock valued at $1,101,000 after acquiring an additional 3,145 shares during the last quarter. Teacher Retirement System of Texas bought a new position in KeyCorp during the 1st quarter worth $2,171,000. Cambridge Investment Research Advisors Inc. raised its position in KeyCorp by 31.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 111,757 shares of the financial services provider's stock worth $1,787,000 after purchasing an additional 26,615 shares during the last quarter. Asset Management One Co. Ltd. raised its position in KeyCorp by 4.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 379,514 shares of the financial services provider's stock worth $6,068,000 after purchasing an additional 15,367 shares during the last quarter. Finally, Blue Trust Inc. raised its position in KeyCorp by 41.9% during the 1st quarter. Blue Trust Inc. now owns 20,786 shares of the financial services provider's stock worth $332,000 after purchasing an additional 6,135 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on KEY shares. Bank of America raised their target price on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Citigroup reaffirmed a "neutral" rating and set a $20.00 target price (up from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. Jefferies Financial Group started coverage on KeyCorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $18.00 target price for the company. Truist Financial raised their target price on KeyCorp from $17.00 to $19.00 and gave the stock a "hold" rating in a research report on Monday, July 28th. Finally, DA Davidson raised their target price on KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Ten research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $19.39.

KeyCorp Stock Up 0.2%

Shares of KEY traded up $0.03 during trading hours on Friday, hitting $19.38. The stock had a trading volume of 21,339,876 shares, compared to its average volume of 27,059,654. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a 50 day simple moving average of $18.15 and a 200-day simple moving average of $16.56. The firm has a market capitalization of $21.25 billion, a P/E ratio of -276.91, a price-to-earnings-growth ratio of 0.68 and a beta of 1.13. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate 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%.The firm's revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period last year, the business posted $0.25 EPS. Sell-side analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.205 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.2%. KeyCorp's dividend payout ratio (DPR) is currently -1,171.43%.

Insider Activity

In other KeyCorp news, insider Amy G. Brady sold 19,000 shares of KeyCorp stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the transaction, the insider owned 82,523 shares in the company, valued at approximately $1,327,795.07. The trade was a 18.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the transaction, the chief executive officer owned 619,895 shares of the company's stock, valued at $11,691,219.70. This trade represents a 15.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,149 shares of company stock worth $2,738,230 in the last three months. Company insiders own 0.52% of the company's stock.

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.