New England Asset Management Inc. Sells 33,760 Shares of KeyCorp $KEY

Key Points

• New England Asset Management Inc. decreased its stake in KeyCorp by 6.9%, selling 33,760 shares, and now holds 452,900 shares valued at $7.24 million.
• KeyCorp reported a quarterly earnings per share (EPS) of $0.35, exceeding estimates, with revenue rising by 20.6% year-over-year.
• The company announced a dividend of $0.205 per share, with a corresponding annual yield of 4.3%, payable on September 15th.

New England Asset Management Inc. reduced its stake in KeyCorp (NYSE:KEY - Free Report) by 6.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 452,900 shares of the financial services provider's stock after selling 33,760 shares during the period. KeyCorp accounts for 1.2% of New England Asset Management Inc.'s portfolio, making the stock its 21st largest position. New England Asset Management Inc.'s holdings in KeyCorp were worth $7,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of KEY. Fourth Dimension Wealth LLC purchased a new position in shares of KeyCorp during the 4th quarter worth $28,000. Zions Bancorporation National Association UT purchased a new stake in KeyCorp in the 1st quarter worth $28,000. FSC Wealth Advisors LLC bought a new stake in shares of KeyCorp in the 1st quarter worth about $34,000. Allworth Financial LP increased 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 worth $32,000 after buying an additional 1,543 shares during the last quarter. Finally, NBC Securities Inc. grew its holdings in KeyCorp by 123,900.0% during the 1st quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 2,478 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

KeyCorp Stock Up 1.3%

KEY stock opened at $19.20 on Friday. The firm has a market cap of $21.05 billion, a PE ratio of -274.21, a P/E/G ratio of 0.67 and a beta of 1.15. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84. The firm's fifty day moving average is $18.34 and its 200 day moving average is $16.60. KeyCorp has a one year low of $12.73 and a one year high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly 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 for the quarter, compared to analyst estimates of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The firm's revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the business earned $0.25 earnings per share. On average, research analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio (DPR) is presently -1,171.43%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on KEY. Cowen started coverage on shares of KeyCorp in a research report on Wednesday, May 14th. They issued a "hold" rating for the company. TD Cowen started coverage on shares of KeyCorp in a research report on Thursday, May 15th. They set a "hold" rating and a $18.00 target price for the company. Citigroup reissued a "neutral" rating and set a $20.00 target price (up previously from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. 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 report on Wednesday, July 2nd. Finally, Baird R W lowered shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Ten analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, KeyCorp has an average rating of "Hold" and a consensus price target of $19.39.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, CEO Christopher M. Gorman sold 112,149 shares of the 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 directly owned 619,895 shares of the company's stock, valued at $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Amy G. Brady sold 19,000 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the transaction, the insider directly owned 82,523 shares in the company, valued at approximately $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 148,149 shares of company stock valued at $2,738,230 over the last ninety days. Corporate 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.

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