KeyCorp $KEY Position Cut by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in KeyCorp by 19.2%, selling 58,396 shares during the first quarter, resulting in a total of 246,169 shares valued at approximately $3.94 million.
• Vanguard Group increased its stake in KeyCorp by 7.2%, owning over 125 million shares worth about $2 billion, while other investors like Invesco also boosted their holdings significantly during the same period.
• KeyCorp reported quarterly earnings of $0.35 per share, exceeding expectations, with revenues rising by 20.6% year-over-year to $1.84 billion, and also declared a quarterly dividend of $0.205 per share.

State of New Jersey Common Pension Fund D lowered its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 19.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 246,169 shares of the financial services provider's stock after selling 58,396 shares during the period. State of New Jersey Common Pension Fund D's holdings in KeyCorp were worth $3,936,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Ethic Inc. grew its holdings in shares of KeyCorp by 12.7% during the first quarter. Ethic Inc. now owns 246,720 shares of the financial services provider's stock worth $3,898,000 after buying an additional 27,855 shares in the last quarter. Aberdeen Group plc grew its holdings in shares of KeyCorp by 105.7% during the first quarter. Aberdeen Group plc now owns 659,727 shares of the financial services provider's stock worth $10,387,000 after buying an additional 338,938 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of KeyCorp by 2.9% during the first quarter. Dimensional Fund Advisors LP now owns 11,201,253 shares of the financial services provider's stock worth $179,084,000 after buying an additional 319,019 shares in the last quarter. Horizon Investments LLC grew its holdings in KeyCorp by 13.9% in the first quarter. Horizon Investments LLC now owns 14,514 shares of the financial services provider's stock valued at $232,000 after purchasing an additional 1,771 shares during the period. Finally, Kovitz Investment Group Partners LLC grew its holdings in KeyCorp by 486.2% in the first quarter. Kovitz Investment Group Partners LLC now owns 234,316 shares of the financial services provider's stock valued at $3,747,000 after purchasing an additional 194,345 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

Shares of NYSE:KEY traded up $0.8430 on Friday, reaching $18.9930. 37,059,878 shares of the company's stock were exchanged, compared to its average volume of 30,055,172. The business's 50-day moving average is $17.82 and its two-hundred day moving average is $16.51. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The firm has a market capitalization of $20.83 billion, a price-to-earnings ratio of -271.33, a PEG ratio of 0.64 and a beta of 1.13.

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, beating analysts' consensus estimates of $0.34 by $0.01. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate 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 firm earned $0.25 EPS. As a group, equities research analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on KEY shares. Bank of America boosted their target price on shares of KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a report on Monday, June 16th. Truist Financial boosted their target price on shares of KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a report on Monday, July 28th. TD Cowen started coverage on shares of KeyCorp in a report on Thursday, May 15th. They issued a "hold" rating and a $18.00 target price for the company. Jefferies Financial Group initiated coverage on shares of KeyCorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 target price for the company. Finally, DA Davidson lifted their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Ten equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $19.39.

Insider Transactions at KeyCorp

In related news, insider Amy G. Brady sold 19,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the transaction, the insider directly owned 82,523 shares in the company, valued at $1,327,795.07. This represents a 18.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher M. Gorman sold 112,149 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the completion of the sale, the chief executive officer owned 619,895 shares in the company, valued at $11,691,219.70. The trade was a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,149 shares of company stock worth $2,738,230. 0.52% of the stock is currently owned by company 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.