US Bancorp DE Sells 141,133 Shares of KeyCorp (NYSE:KEY)

Key Points

• US Bancorp DE reduced its holdings in KeyCorp by 36.5%, selling 141,133 shares during the first quarter and ending with 245,667 shares valued at $3.93 million.
• Several institutional investors have adjusted their positions in KeyCorp, with Algebris UK Ltd increasing its stake by 84.2% to nearly 1.3 million shares.
• KeyCorp announced a quarterly dividend of $0.205 per share, with an annualized yield of 4.7%, set to be paid on September 15th to shareholders of record on September 2nd.

US Bancorp DE decreased its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 36.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 245,667 shares of the financial services provider's stock after selling 141,133 shares during the quarter. US Bancorp DE's holdings in KeyCorp were worth $3,928,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Freestone Grove Partners LP acquired a new stake in KeyCorp in the 4th quarter worth $63,540,000. FMR LLC grew its position in KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock worth $761,556,000 after purchasing an additional 2,938,405 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in KeyCorp in the 4th quarter worth $42,827,000. Price T Rowe Associates Inc. MD grew its position in KeyCorp by 4.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider's stock worth $622,229,000 after purchasing an additional 1,645,296 shares during the last quarter. Finally, Northern Trust Corp grew its position in KeyCorp by 14.4% in the 4th quarter. Northern Trust Corp now owns 11,240,159 shares of the financial services provider's stock worth $192,656,000 after purchasing an additional 1,417,297 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Buying and Selling

In related news, CEO Christopher M. Gorman sold 112,149 shares of the business's 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 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 position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Amy G. Brady sold 19,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the sale, the insider directly owned 82,523 shares of the company's stock, valued at approximately $1,327,795.07. This trade represents a 18.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold 153,149 shares of company stock worth $2,821,230 over the last quarter. 0.52% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods reduced their price objective on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Jefferies Financial Group assumed coverage on shares of KeyCorp in a report on Wednesday, May 21st. They set a "hold" rating and a $18.00 price objective for the company. DA Davidson raised their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. 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 report on Monday, June 16th. Twelve research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $19.39.

KeyCorp Stock Up 1.1%

NYSE KEY traded up $0.20 during mid-day trading on Friday, hitting $17.61. The company's stock had a trading volume of 16,689,925 shares, compared to its average volume of 16,912,625. The company's 50 day simple moving average is $17.34 and its 200 day simple moving average is $16.48. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $19.30 billion, a price-to-earnings ratio of -251.57, a PEG ratio of 0.62 and a beta of 1.13.

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

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's payout ratio is presently -1,171.43%.

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.