Bank of America Corp DE Sells 6,034,822 Shares of KeyCorp (NYSE:KEY)

Bank of America Corp DE reduced its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 51.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,596,501 shares of the financial services provider's stock after selling 6,034,822 shares during the quarter. Bank of America Corp DE owned about 0.56% of KeyCorp worth $95,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in KeyCorp in the fourth quarter valued at about $153,235,000. Vanguard Group Inc. raised its position in shares of KeyCorp by 7.1% in 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 purchasing an additional 7,754,576 shares during the last quarter. Freestone Grove Partners LP purchased a new stake in KeyCorp during the 4th quarter worth approximately $63,540,000. FMR LLC grew its position in KeyCorp by 7.1% during 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. Finally, Raymond James Financial Inc. purchased a new stake in shares of KeyCorp in the 4th quarter valued at $42,827,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

Shares of NYSE KEY traded down $0.11 during midday trading on Thursday, reaching $16.48. 9,587,394 shares of the company traded hands, compared to its average volume of 12,881,018. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The stock has a 50-day moving average price of $15.10 and a 200 day moving average price of $16.91. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $18.06 billion, a price-to-earnings ratio of -54.93, a PEG ratio of 0.65 and a beta of 1.08.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion for the quarter, compared to analysts' expectations 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 previous year, the business earned $0.20 earnings per share. Sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Tuesday, May 27th will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date is Tuesday, May 27th. KeyCorp's payout ratio is currently -482.35%.

KeyCorp declared that its Board of Directors has approved a stock buyback program on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have weighed in on KEY shares. Morgan Stanley restated an "equal weight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Stephens reissued an "overweight" rating and set a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Evercore ISI set a $17.00 price objective on shares of KeyCorp in a research note on Monday, April 28th. Citigroup reiterated a "buy" rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, StockNews.com upgraded shares of KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Nine investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, KeyCorp currently has an average rating of "Moderate Buy" and a consensus price target of $18.92.

Insider Buying and Selling

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