Sapient Capital LLC reduced its position in shares of KeyCorp (NYSE:KEY – Free Report) by 2.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,041,011 shares of the financial services provider’s stock after selling 26,248 shares during the period. Sapient Capital LLC’s holdings in KeyCorp were worth $21,578,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Maseco LLP bought a new position in KeyCorp during the 4th quarter valued at $27,000. United Community Bank bought a new position in KeyCorp during the 3rd quarter valued at $27,000. GoalVest Advisory LLC bought a new position in KeyCorp during the 4th quarter valued at $30,000. True Wealth Design LLC boosted its stake in KeyCorp by 1,263.5% during the 4th quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,592 shares in the last quarter. Finally, Kelleher Financial Advisors bought a new position in KeyCorp during the 3rd quarter valued at $32,000. 79.69% of the stock is owned by institutional investors.
Insider Activity
In other news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares in the company, valued at $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by insiders.
KeyCorp Price Performance
KeyCorp (NYSE:KEY – Get Free Report) last released its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 earnings per share. Equities analysts forecast that KeyCorp will post 1.82 EPS for the current fiscal year.
KeyCorp declared that its board has authorized a share buyback program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
KeyCorp Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be issued a $0.205 dividend. The ex-dividend date is Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.9%. KeyCorp’s dividend payout ratio is presently 50.31%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on KEY. JPMorgan Chase & Co. cut their price objective on KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Argus increased their price objective on KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Royal Bank Of Canada increased their price objective on KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, April 17th. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.18.
Read Our Latest Stock Analysis on KEY
About KeyCorp
KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.
The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.
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