Insider Selling: KeyCorp (NYSE:KEY) CEO Sells 112,149 Shares of Stock

KeyCorp (NYSE:KEY) CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the sale, the chief executive officer directly owned 619,895 shares of the company’s stock, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

KeyCorp Stock Performance

KeyCorp stock opened at $18.57 on Monday. The stock has a market cap of $20.35 billion, a P/E ratio of -265.21, a price-to-earnings-growth ratio of 0.66 and a beta of 1.11. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The stock has a 50 day moving average of $17.00 and a 200-day moving average of $16.45. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same period in the prior year, the business posted $0.25 EPS. The business’s revenue was up 20.6% on a year-over-year basis. On average, analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.42%. The ex-dividend date is Tuesday, September 2nd. KeyCorp’s dividend payout ratio (DPR) is presently -1,171.43%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on KEY shares. Wall Street Zen raised shares of KeyCorp from a “sell” rating to a “hold” rating in a research report on Monday, April 21st. Evercore ISI set a $17.00 price objective on shares of KeyCorp in a research report on Monday, April 28th. Robert W. Baird downgraded shares of KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research report on Wednesday, July 2nd. Wells Fargo & Company increased their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Finally, Bank of America increased their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, June 16th. Twelve analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.24.

Hedge Funds Weigh In On KeyCorp

Several large investors have recently added to or reduced their stakes in KEY. Brighton Jones LLC bought a new position in KeyCorp during the fourth quarter worth $476,000. American Century Companies Inc. lifted its stake in KeyCorp by 0.4% in the fourth quarter. American Century Companies Inc. now owns 444,371 shares of the financial services provider’s stock valued at $7,617,000 after buying an additional 1,944 shares during the last quarter. LPL Financial LLC lifted its stake in KeyCorp by 22.4% in the fourth quarter. LPL Financial LLC now owns 931,782 shares of the financial services provider’s stock valued at $15,971,000 after buying an additional 170,779 shares during the last quarter. Vanguard Group Inc. lifted its stake in KeyCorp by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock valued at $2,004,228,000 after buying an additional 7,754,576 shares during the last quarter. Finally, Corebridge Financial Inc. lifted its stake in KeyCorp by 1.7% in the fourth quarter. Corebridge Financial Inc. now owns 234,254 shares of the financial services provider’s stock valued at $4,015,000 after buying an additional 3,834 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Company 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.