Toronto Dominion Bank Sells 3,535 Shares of KeyCorp (NYSE:KEY)

Toronto Dominion Bank cut its stake in shares of KeyCorp (NYSE:KEY) by 0.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 456,906 shares of the financial services provider’s stock after selling 3,535 shares during the quarter. Toronto Dominion Bank’s holdings in KeyCorp were worth $7,831,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in KEY. Park Avenue Securities LLC grew its stake in shares of KeyCorp by 33.1% during the 4th quarter. Park Avenue Securities LLC now owns 30,137 shares of the financial services provider’s stock valued at $517,000 after acquiring an additional 7,497 shares during the period. Tallon Kerry Patrick purchased a new position in KeyCorp in the 4th quarter worth approximately $248,000. Merit Financial Group LLC lifted its holdings in KeyCorp by 153.7% in the 4th quarter. Merit Financial Group LLC now owns 58,407 shares of the financial services provider’s stock worth $1,001,000 after purchasing an additional 35,385 shares in the last quarter. HB Wealth Management LLC lifted its holdings in KeyCorp by 4.6% in the 4th quarter. HB Wealth Management LLC now owns 37,961 shares of the financial services provider’s stock worth $651,000 after purchasing an additional 1,659 shares in the last quarter. Finally, Ballentine Partners LLC lifted its holdings in KeyCorp by 5.7% in the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 692 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the stock in a transaction 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 sale, the director now owns 37,177 shares in the company, valued at $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mohit Ramani bought 10,000 shares of KeyCorp stock in a transaction on Monday, April 21st. The stock was acquired at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the purchase, the insider now owns 10,000 shares of the company’s stock, valued at approximately $137,500. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.52% of the company’s stock.

KeyCorp Stock Performance

NYSE:KEY opened at $15.61 on Thursday. The stock’s fifty day moving average is $15.19 and its 200 day moving average is $16.87. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The firm has a market capitalization of $17.11 billion, a PE ratio of -52.03, a PEG ratio of 0.65 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating 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 analyst estimates of $1.77 billion. During the same quarter in the prior year, the firm posted $0.20 EPS. On average, sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp declared that its board has initiated a share repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th will be paid a $0.205 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 5.25%. KeyCorp’s payout ratio is -482.35%.

Analyst Ratings Changes

A number of research firms recently commented on KEY. Cowen began coverage on KeyCorp in a report on Wednesday, May 14th. They issued a “hold” rating on the stock. Truist Financial lowered their price target on KeyCorp from $18.00 to $16.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. Barclays lowered their price target on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. JPMorgan Chase & Co. lowered their price target on KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Finally, StockNews.com raised KeyCorp from a “sell” rating to a “hold” rating in a report on Monday, April 21st. Eleven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.86.

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.