National Pension Service Sells 1,539,044 Shares of KeyCorp (NYSE:KEY)

Key Points

• The National Pension Service significantly reduced its holdings in KeyCorp by 91.6%, selling 1,539,044 shares and leaving them with 140,538 shares valued at approximately $2.25 million.
• Insiders, including CEO Christopher M. Gorman, sold significant amounts of stock in KeyCorp, with Gorman selling 112,149 shares for over $2.1 million, representing a 15.32% decrease in his ownership.
• KeyCorp has declared a quarterly dividend of $0.205 per share, which translates to an annualized dividend yield of 4.5%.

National Pension Service cut its holdings in KeyCorp (NYSE:KEY - Free Report) by 91.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 140,538 shares of the financial services provider's stock after selling 1,539,044 shares during the period. National Pension Service's holdings in KeyCorp were worth $2,247,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Fourth Dimension Wealth LLC acquired a new stake in KeyCorp in the 4th quarter valued at $28,000. Zions Bancorporation National Association UT acquired a new position in shares of KeyCorp during the 1st quarter worth about $28,000. Allworth Financial LP grew its holdings in shares of KeyCorp by 246.9% in the 1st quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 1,543 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of KeyCorp in the first quarter valued at about $34,000. Finally, NBC Securities Inc. increased its position in shares of KeyCorp by 123,900.0% in the first quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 2,478 shares during the last quarter. Institutional investors own 79.69% of the company's stock.

Insider Transactions at KeyCorp

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

KeyCorp Price Performance

Shares of NYSE KEY opened at $18.05 on Friday. The firm has a market cap of $19.79 billion, a P/E ratio of -257.86, a price-to-earnings-growth ratio of 0.64 and a beta of 1.13. The business's 50 day moving average is $17.60 and its 200-day moving average is $16.48. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. The firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. During the same quarter last year, the business earned $0.25 EPS. The company's quarterly revenue was up 20.6% compared to the same quarter last year. Equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.5%. KeyCorp's payout ratio is -1,171.43%.

Analysts Set New Price Targets

Several brokerages recently commented on KEY. Bank of America increased their price target on KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Robert W. Baird cut shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price for the company. in a research note on Wednesday, July 2nd. Barclays lowered their target price on shares of KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Wall Street Zen upgraded shares of KeyCorp from a "sell" rating to a "hold" rating in a research note on Monday, April 21st. Finally, DA Davidson lifted their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Twelve analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $19.39.

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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