Raymond James Financial Inc. Trims Stake in KeyCorp $KEY

Key Points

• Raymond James Financial Inc. reduced its holdings in KeyCorp by 2.1%, now owning approximately 2.4 million shares valued at $39.12 million.
• KeyCorp reported $0.35 earnings per share for the last quarter, exceeding analyst estimates and showing a 20.6% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.205 per share, yielding 4.3%, with the payment date set for September 15th.

Raymond James Financial Inc. trimmed its position in KeyCorp (NYSE:KEY - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,446,349 shares of the financial services provider's stock after selling 52,321 shares during the quarter. Raymond James Financial Inc. owned about 0.22% of KeyCorp worth $39,117,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Integrated Wealth Concepts LLC raised its stake in shares of KeyCorp by 2.6% in the fourth quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider's stock worth $423,000 after purchasing an additional 631 shares during the last quarter. AlphaCore Capital LLC raised its position in KeyCorp by 5.2% during the first quarter. AlphaCore Capital LLC now owns 13,238 shares of the financial services provider's stock valued at $212,000 after acquiring an additional 651 shares in the last quarter. SBI Securities Co. Ltd. raised its position in KeyCorp by 34.0% during the first quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 671 shares in the last quarter. Centaurus Financial Inc. raised its position in KeyCorp by 11.2% during the fourth quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider's stock valued at $124,000 after acquiring an additional 728 shares in the last quarter. Finally, Capital Advisors Ltd. LLC raised its position in KeyCorp by 44.1% during the first quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 766 shares in the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at KeyCorp

In other news, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction that occurred on 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 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 disclosure for this sale can be found here. Insiders have sold 148,149 shares of company stock valued at $2,738,230 over the last ninety days. Insiders own 0.52% of the company's stock.

KeyCorp Price Performance

Shares of NYSE:KEY traded up $0.07 during trading on Wednesday, reaching $19.37. The stock had a trading volume of 16,664,206 shares, compared to its average volume of 17,511,318. 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 business has a fifty day moving average price of $17.95 and a 200-day moving average price of $16.52. The stock has a market cap of $21.23 billion, a PE ratio of -276.47, 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.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The business's revenue was up 20.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.25 earnings per share. On average, equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

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 paid a $0.205 dividend. 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 4.2%. KeyCorp's payout ratio is currently -1,171.43%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Baird R W cut KeyCorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Cowen assumed coverage on KeyCorp in a research report on Wednesday, May 14th. They set a "hold" rating for the company. Bank of America lifted 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. DA Davidson raised their price objective on KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Wells Fargo & Company raised their price objective on KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus 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.