Avanza Fonder AB Sells 33,241 Shares of KeyCorp (NYSE:KEY)

Avanza Fonder AB decreased its stake in shares of KeyCorp (NYSE:KEY) by 35.2% in the 1st quarter, Holdings Channel reports. The fund owned 61,152 shares of the financial services provider’s stock after selling 33,241 shares during the quarter. Avanza Fonder AB’s holdings in KeyCorp were worth $983,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in 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 acquiring an additional 7,754,576 shares in the last quarter. FMR LLC lifted its position in shares of KeyCorp by 7.1% in the fourth 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in KeyCorp by 4.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider’s stock worth $622,229,000 after purchasing an additional 1,645,296 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in KeyCorp by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock worth $566,626,000 after purchasing an additional 1,452,179 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its position in KeyCorp by 4.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider’s stock valued at $465,929,000 after purchasing an additional 1,062,615 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

Shares of NYSE KEY opened at $16.08 on Friday. The firm has a market cap of $17.62 billion, a P/E ratio of -53.60, a price-to-earnings-growth ratio of 0.65 and a beta of 1.09. The business’s 50 day moving average is $15.29 and its 200-day moving average is $16.53. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same quarter last year, the firm earned $0.20 earnings per share. Equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp declared that its Board of Directors has initiated a stock buyback plan 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 buy up to 6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

KeyCorp Announces Dividend

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. The ex-dividend date is Tuesday, May 27th. This represents a $0.82 annualized dividend and a dividend yield of 5.10%. KeyCorp’s dividend payout ratio is presently -482.35%.

Insider Activity

In other news, insider Mohit Ramani bought 10,000 shares of the company’s stock in a transaction dated Monday, April 21st. The stock was bought at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the transaction, the insider now owns 10,000 shares of the company’s stock, valued at $137,500. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the company’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 transaction of $83,000.00. Following the sale, the director now directly owns 37,177 shares of the company’s stock, valued at approximately $617,138.20. This trade represents a 11.85% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Truist Financial reduced their price objective on shares of KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group started coverage on KeyCorp in a research report on Wednesday, May 21st. They set a “hold” rating and a $18.00 price target for the company. Cowen initiated coverage on KeyCorp in a research report on Wednesday, May 14th. They set a “hold” rating on the stock. TD Cowen started coverage on KeyCorp in a research note on Thursday, May 15th. They set a “hold” rating and a $18.00 price objective on the stock. Finally, Evercore ISI set a $17.00 target price on shares of KeyCorp in a research note on Monday, April 28th. Eleven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.