Rafferty Asset Management LLC Cuts Stock Holdings in KeyCorp $KEY

Key Points

• Rafferty Asset Management LLC has reduced its stake in KeyCorp by 5.6%, owning 339,734 shares valued at approximately $5.43 million.
• KeyCorp's stock is currently rated as a "buy" by UBS Group, with a price target increase from $16 to $22, indicating analyst confidence in the company's growth potential.
• The company declared a quarterly dividend of $0.205 per share, with a yield of 4.2%, payable on September 15th to investors of record.

Rafferty Asset Management LLC trimmed its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 339,734 shares of the financial services provider's stock after selling 19,980 shares during the quarter. Rafferty Asset Management LLC's holdings in KeyCorp were worth $5,432,000 as of its most recent SEC filing.

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

KeyCorp Trading Up 0.2%

Shares of KEY traded up $0.03 during midday trading on Monday, reaching $19.38. The company had a trading volume of 21,339,876 shares, compared to its average volume of 25,522,346. 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 50 day simple moving average of $18.15 and a 200-day simple moving average of $16.55. The stock has a market cap of $21.25 billion, a PE ratio of -276.91, a price-to-earnings-growth ratio of 0.68 and a beta of 1.15.

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. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter in the previous year, the company earned $0.25 EPS. The business's revenue for the quarter was up 20.6% compared to the same quarter last year. Research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

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

Wall Street Analysts Forecast Growth

KEY has been the topic of several research analyst reports. Cowen started coverage on KeyCorp in a report on Wednesday, May 14th. They issued a "hold" rating on the stock. DA Davidson lifted their price target on KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. UBS Group upgraded KeyCorp from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $16.00 to $22.00 in a research report on Tuesday, July 8th. Truist Financial increased their price objective on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research note on Monday, July 28th. Finally, Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $19.39.

Insider Activity

In other KeyCorp news, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction dated 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 transaction, the chief executive officer directly owned 619,895 shares of the company's stock, valued at $11,691,219.70. The trade was a 15.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Trina M. Evans sold 17,000 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the sale, the director owned 82,719 shares in the company, valued at $1,544,363.73. This trade represents a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 148,149 shares of company stock valued at $2,738,230. 0.52% of the stock is currently owned by corporate insiders.

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.