KeyCorp $KEY Stake Cut by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its holdings in KeyCorp by 8.3%, owning approximately 10.3 million shares valued at $164.9 million after selling 929,072 shares in the first quarter.
• KeyCorp's CEO, Christopher M. Gorman, sold 112,149 shares for over $2.1 million in July, resulting in a 15.32% decrease in his ownership of the stock.
• The company announced a quarterly dividend of $0.205 per share, representing an annualized yield of 4.5%, with the dividend payout ratio currently at -1,171.43%.

Northern Trust Corp cut its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 8.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,311,087 shares of the financial services provider's stock after selling 929,072 shares during the quarter. Northern Trust Corp owned about 0.94% of KeyCorp worth $164,874,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in KEY. Fourth Dimension Wealth LLC acquired a new stake in KeyCorp in the 4th quarter valued at about $28,000. Zions Bancorporation National Association UT acquired a new stake in KeyCorp in the 1st quarter valued at about $28,000. Allworth Financial LP grew its stake in 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 during the last quarter. FSC Wealth Advisors LLC acquired a new stake in KeyCorp in the 1st quarter valued at about $34,000. Finally, NBC Securities Inc. grew its stake in KeyCorp by 123,900.0% in the 1st 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. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Trading Up 4.6%

Shares of KEY stock traded up $0.8430 during trading hours on Friday, hitting $18.9930. 37,059,878 shares of the company were exchanged, compared to its average volume of 29,946,660. The firm has a market cap of $20.83 billion, a PE ratio of -271.33, a PEG ratio of 0.67 and a beta of 1.13. KeyCorp has a 1 year low of $12.73 and a 1 year 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. The firm has a fifty day moving average of $17.82 and a 200 day moving average of $16.49.

KeyCorp (NYSE:KEY - Get Free Report) last announced 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. The business 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 company's revenue was up 20.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.25 EPS. Analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio is -1,171.43%.

Insider Buying and Selling

In related news, Director Trina M. Evans sold 17,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the completion of the sale, the director owned 82,719 shares of the company's stock, valued at approximately $1,544,363.73. This represents a 17.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Amy G. Brady sold 19,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider directly owned 82,523 shares of the company's stock, valued at $1,327,795.07. This trade represents a 18.71% decrease in their position. 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. 0.52% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of recent research reports. TD Cowen initiated coverage on shares of KeyCorp in a report on Thursday, May 15th. They issued a "hold" rating and a $18.00 target price on the stock. Citigroup restated a "neutral" rating and issued a $20.00 target price (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Wells Fargo & Company upped their target price on shares of KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. DA Davidson upped their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Baird R W lowered shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of "Hold" and an average price target of $19.39.

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.