13,216 Shares in KeyCorp $KEY Acquired by Wedmont Private Capital

Key Points

• Wedmont Private Capital made a new investment in KeyCorp, acquiring 13,216 shares valued at approximately $244,000 during the second quarter.
• KeyCorp reported a quarterly earnings per share (EPS) of $0.35, beating estimates, and the company had a revenue of $1.84 billion, which was a 20.6% increase year-over-year.
• Insiders sold a total of 174,102 shares worth nearly $3.3 million over the past 90 days, indicating significant insider selling activity.

Wedmont Private Capital purchased a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,216 shares of the financial services provider's stock, valued at approximately $244,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of KEY. Price T Rowe Associates Inc. MD grew its holdings in shares of KeyCorp by 40.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock valued at $814,756,000 after purchasing an additional 14,651,281 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of KeyCorp by 7.2% in the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock valued at $2,004,273,000 after purchasing an additional 8,412,625 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of KeyCorp by 1,142.4% in the first quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock valued at $79,978,000 after purchasing an additional 4,599,197 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of KeyCorp during the first quarter worth $60,194,000. Finally, Invesco Ltd. increased its position in shares of KeyCorp by 19.5% during the first quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock worth $329,777,000 after acquiring an additional 3,363,421 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on KEY shares. Baird R W lowered KeyCorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Truist Financial increased their price target on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research report on Monday, July 28th. UBS Group upgraded shares of KeyCorp from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $16.00 to $22.00 in a research note on Tuesday, July 8th. Citigroup reiterated a "neutral" rating and issued a $20.00 price target (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Finally, Robert W. Baird downgraded shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price for the company. in a research note on Wednesday, July 2nd. Ten investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $19.39.

Insider Transactions at KeyCorp

In other KeyCorp news, 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 value of $2,115,130.14. Following the sale, the chief executive officer 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director owned 82,719 shares of the company's stock, 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. Insiders have sold 174,102 shares of company stock valued at $3,299,664 in the last quarter. 0.52% of the stock is currently owned by corporate insiders.

KeyCorp Price Performance

NYSE:KEY traded down $0.35 during trading hours on Monday, hitting $18.74. The company's stock had a trading volume of 16,925,134 shares, compared to its average volume of 28,256,746. The business's 50-day moving average is $18.53 and its two-hundred day moving average is $16.77. The company has a market capitalization of $20.54 billion, a PE ratio of -267.64, a PEG ratio of 0.67 and a beta of 1.15. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating 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 firm had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.81 billion. During the same quarter last year, the business earned $0.25 earnings per share. The business's revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, research analysts anticipate that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.4%. KeyCorp's payout ratio is -1,171.43%.

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.