KeyCorp $KEY Shares Sold by Sapient Capital LLC

Key Points

• Sapient Capital LLC reduced its stake in KeyCorp by 7.4%, selling 86,832 shares and now holding 1,084,114 shares valued at approximately $18.9 million.
• KeyCorp reported a quarterly earnings beat with $0.35 EPS, exceeding expectations, and a 20.6% revenue increase year-over-year, totaling $1.84 billion.
• The company declared a quarterly dividend of $0.205 per share, reflecting an annualized dividend yield of 4.4%.

Sapient Capital LLC trimmed its position in shares of KeyCorp (NYSE:KEY - Free Report) by 7.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,084,114 shares of the financial services provider's stock after selling 86,832 shares during the quarter. Sapient Capital LLC owned approximately 0.10% of KeyCorp worth $18,885,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in KEY. AlphaCore Capital LLC grew its position in KeyCorp by 5.2% in the first quarter. AlphaCore Capital LLC now owns 13,238 shares of the financial services provider's stock worth $212,000 after acquiring an additional 651 shares in the last quarter. SBI Securities Co. Ltd. grew its position in KeyCorp by 34.0% in the first quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider's stock worth $42,000 after acquiring an additional 671 shares in the last quarter. Voya Investment Management LLC grew its position in KeyCorp by 0.3% in the first quarter. Voya Investment Management LLC now owns 276,264 shares of the financial services provider's stock worth $4,417,000 after acquiring an additional 713 shares in the last quarter. Centaurus Financial Inc. grew its position in KeyCorp by 11.2% in the fourth quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider's stock worth $124,000 after acquiring an additional 728 shares in the last quarter. Finally, Capital Advisors Ltd. LLC grew its position in KeyCorp by 44.1% in the first quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider's stock worth $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.

Analyst Upgrades and Downgrades

KEY has been the subject of several analyst reports. Citigroup reissued a "neutral" rating and issued a $20.00 price objective (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. UBS Group raised shares of KeyCorp from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $16.00 to $22.00 in a research note on Tuesday, July 8th. Wells Fargo & Company raised their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Robert W. Baird downgraded shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price objective for the company. in a research note on Wednesday, July 2nd. Finally, Bank of America raised their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Ten research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $19.39.

KeyCorp Stock Down 0.4%

NYSE KEY traded down $0.07 on Friday, hitting $19.06. The stock had a trading volume of 43,882,863 shares, compared to its average volume of 27,915,580. The business's fifty day moving average price is $18.52 and its 200 day moving average price is $16.75. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The stock has a market cap of $20.90 billion, a price-to-earnings ratio of -272.29, a price-to-earnings-growth ratio of 0.67 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 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same period in the previous year, the company earned $0.25 earnings per share. The business's revenue for the quarter was up 20.6% on a year-over-year basis. Equities research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, September 2nd. KeyCorp's payout ratio is currently -1,171.43%.

Insiders Place Their Bets

In other news, insider Andrew J. Paine III sold 44,953 shares of the business's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the sale, the insider directly owned 245,044 shares of the company's stock, valued at $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the business'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 sale, the director directly 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 three months, insiders have sold 174,102 shares of company stock valued at $3,299,664. 0.52% of the stock is currently owned by insiders.

About KeyCorp

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.