Voloridge Investment Management LLC Lowers Stock Position in KeyCorp (NYSE:KEY)

Voloridge Investment Management LLC decreased its position in shares of KeyCorp (NYSE:KEY - Free Report) by 88.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 160,455 shares of the financial services provider's stock after selling 1,268,439 shares during the quarter. Voloridge Investment Management LLC's holdings in KeyCorp were worth $2,750,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of KeyCorp by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after buying an additional 7,754,576 shares in the last quarter. FMR LLC lifted its stake in shares of KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after buying an additional 2,938,405 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of KeyCorp by 4.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider's stock valued at $622,229,000 after buying an additional 1,645,296 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of KeyCorp by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider's stock valued at $566,626,000 after buying an additional 1,452,179 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its stake in shares of KeyCorp by 4.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider's stock valued at $465,929,000 after buying an additional 1,062,615 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

Insider Buying and Selling at KeyCorp

In related news, insider Mohit Ramani acquired 10,000 shares of the stock in a transaction on Monday, April 21st. The stock was bought at an average cost of $13.75 per share, with a total value of $137,500.00. Following the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $137,500. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Carlton L. Highsmith sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction of $83,000.00. Following the completion of the sale, the director now directly owns 37,177 shares of the company's stock, valued at $617,138.20. The trade was a 11.85% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on KEY. Citigroup reiterated a "buy" rating on shares of KeyCorp in a research note on Thursday, April 17th. Truist Financial decreased their price target on shares of KeyCorp from $18.00 to $16.00 and set a "hold" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen upgraded shares of KeyCorp from a "sell" rating to a "hold" rating in a research note on Monday, April 21st. Morgan Stanley reiterated an "equal weight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Eleven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.86.

KeyCorp Trading Down 0.6%

NYSE:KEY traded down $0.10 during mid-day trading on Friday, hitting $15.85. 16,412,751 shares of the stock traded hands, compared to its average volume of 13,052,388. The stock has a market capitalization of $17.37 billion, a price-to-earnings ratio of -52.83, a PEG ratio of 0.65 and a beta of 1.08. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The firm's 50 day moving average is $15.15 and its two-hundred day moving average is $16.75. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same period in the prior year, the firm posted $0.20 EPS. On average, equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th will be given a $0.205 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $0.82 annualized dividend and a yield of 5.17%. KeyCorp's dividend payout ratio (DPR) is -482.35%.

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.