Cresset Asset Management LLC Reduces Holdings in KeyCorp (NYSE:KEY)

Cresset Asset Management LLC lessened its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 84.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 21,307 shares of the financial services provider's stock after selling 113,438 shares during the period. Cresset Asset Management LLC's holdings in KeyCorp were worth $365,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of KEY. Whittier Trust Co. boosted its stake in shares of KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock worth $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC purchased a new position in shares of KeyCorp during the fourth quarter valued at approximately $27,000. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp during the fourth quarter valued at approximately $34,000. TCTC Holdings LLC grew its stake in shares of KeyCorp by 38.6% during the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock valued at $38,000 after buying an additional 611 shares during the last quarter. Finally, Optiver Holding B.V. purchased a new stake in shares of KeyCorp in the fourth quarter worth approximately $42,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of KeyCorp stock traded down $0.16 on Monday, hitting $16.47. The company's stock had a trading volume of 10,157,390 shares, compared to its average volume of 12,924,842. The company has a market capitalization of $18.05 billion, a price-to-earnings ratio of -54.90, a price-to-earnings-growth ratio of 0.65 and a beta of 1.08. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a fifty day moving average price of $15.15 and a 200-day moving average price of $16.89.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. The company had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the previous year, the firm posted $0.20 EPS. As a group, sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders 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 dividend yield of 4.98%. The ex-dividend date of this dividend is Tuesday, May 27th. KeyCorp's payout ratio is -482.35%.

KeyCorp announced that its Board of Directors has authorized a share buyback plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have commented on KEY shares. JPMorgan Chase & Co. cut their price objective on KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Morgan Stanley restated an "equal weight" rating on shares of KeyCorp in a report on Thursday, April 17th. Barclays decreased their price objective on shares of KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Wells Fargo & Company reissued an "overweight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, DA Davidson reduced their target price on shares of KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, January 22nd. Ten analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.92.

Insider Activity

In related news, insider Mohit Ramani purchased 10,000 shares of KeyCorp stock in a transaction dated Monday, April 21st. The shares were acquired at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the acquisition, the insider now directly owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were 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. This represents a 11.85% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.52% of the company's stock.

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.