Russell Investments Group Ltd. Sells 82,235 Shares of KeyCorp $KEY

Key Points

• Russell Investments Group Ltd. reduced its stake in KeyCorp by 20.9%, selling 82,235 shares and now holds 310,350 shares valued at approximately $4.95 million.
• Several institutional investors have increased their positions in KeyCorp, with Dimensional Fund Advisors acquiring an additional 576,567 shares, boosting their total holdings to 10,882,234 shares.
• Wall Street analysts have raised their price targets for KeyCorp, with predictions ranging from $17.00 to $22.00, while the stock has a current average target price of $19.39.

Russell Investments Group Ltd. trimmed its holdings in KeyCorp (NYSE:KEY - Free Report) by 20.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 310,350 shares of the financial services provider's stock after selling 82,235 shares during the quarter. Russell Investments Group Ltd.'s holdings in KeyCorp were worth $4,955,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in KEY. Brighton Jones LLC acquired a new position in shares of KeyCorp in the fourth quarter worth $476,000. NewEdge Advisors LLC lifted its position in KeyCorp by 3.3% in the fourth quarter. NewEdge Advisors LLC now owns 92,306 shares of the financial services provider's stock valued at $1,582,000 after acquiring an additional 2,969 shares during the last quarter. GeoWealth Management LLC raised its holdings in shares of KeyCorp by 27.8% in the fourth quarter. GeoWealth Management LLC now owns 4,071 shares of the financial services provider's stock valued at $70,000 after buying an additional 886 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of KeyCorp by 11.5% in the fourth quarter. First Trust Advisors LP now owns 2,608,454 shares of the financial services provider's stock valued at $44,709,000 after buying an additional 269,378 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in KeyCorp by 5.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,882,234 shares of the financial services provider's stock worth $186,520,000 after purchasing an additional 576,567 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Stock Up 0.5%

KeyCorp stock traded up $0.10 during trading hours on Wednesday, hitting $19.40. The company had a trading volume of 24,172,372 shares, compared to its average volume of 29,266,922. The firm has a market capitalization of $21.27 billion, a P/E ratio of -277.07, a price-to-earnings-growth ratio of 0.68 and a beta of 1.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. The firm's fifty day moving average is $18.02 and its 200-day moving average is $16.54. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate 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 net margin of 1.49% and a return on equity of 9.65%. The company's revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 EPS. On average, research analysts forecast 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. Shareholders of record on Tuesday, September 2nd will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's payout ratio is currently -1,171.43%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on KEY. Cowen initiated coverage on KeyCorp in a research note on Wednesday, May 14th. They issued a "hold" rating on the stock. Robert W. Baird lowered shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price objective for the company. in a report on Wednesday, July 2nd. Truist Financial lifted their price target on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a report on Monday, July 28th. DA Davidson boosted their price target on shares of KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Baird R W downgraded shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Ten analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, KeyCorp has an average rating of "Hold" and an average target price of $19.39.

Insiders Place Their Bets

In related news, Director Trina M. Evans sold 17,000 shares of the company's stock in a transaction 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 directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher M. Gorman sold 112,149 shares of the company's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the sale, the chief executive officer directly owned 619,895 shares of the company's stock, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 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.