Avantax Advisory Services Inc. Sells 16,929 Shares of KeyCorp (NYSE:KEY)

Avantax Advisory Services Inc. lessened its holdings in KeyCorp (NYSE:KEY) by 21.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 60,782 shares of the financial services provider’s stock after selling 16,929 shares during the period. Avantax Advisory Services Inc.’s holdings in KeyCorp were worth $972,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Carnegie Investment Counsel lifted its stake in shares of KeyCorp by 4.8% in the 1st quarter. Carnegie Investment Counsel now owns 19,834 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 900 shares during the period. Pinnacle Associates Ltd. increased its holdings in KeyCorp by 72.9% in the 1st quarter. Pinnacle Associates Ltd. now owns 29,910 shares of the financial services provider’s stock worth $478,000 after acquiring an additional 12,606 shares in the last quarter. IFP Advisors Inc increased its holdings in KeyCorp by 23.7% in the 1st quarter. IFP Advisors Inc now owns 20,108 shares of the financial services provider’s stock worth $325,000 after acquiring an additional 3,848 shares in the last quarter. OneAscent Financial Services LLC increased its holdings in KeyCorp by 97.3% in the 1st quarter. OneAscent Financial Services LLC now owns 60,770 shares of the financial services provider’s stock worth $972,000 after acquiring an additional 29,973 shares in the last quarter. Finally, Kestra Private Wealth Services LLC increased its holdings in KeyCorp by 24.9% in the 1st quarter. Kestra Private Wealth Services LLC now owns 18,389 shares of the financial services provider’s stock worth $294,000 after acquiring an additional 3,666 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

KEY has been the subject of several analyst reports. Robert W. Baird lowered shares of KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Wednesday, July 2nd. Wall Street Zen raised shares of KeyCorp from a “sell” rating to a “hold” rating in a report on Monday, April 21st. Evercore ISI set a $17.00 target price on shares of KeyCorp in a report on Monday, April 28th. TD Cowen initiated coverage on shares of KeyCorp in a report on Thursday, May 15th. They issued a “hold” rating and a $18.00 target price for the company. Finally, DA Davidson increased their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, July 23rd. Twelve research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, KeyCorp has a consensus rating of “Hold” and a consensus target price of $19.39.

Insider Buying and Selling

In related news, insider Amy G. Brady sold 19,000 shares of the firm’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the sale, the insider directly owned 82,523 shares in the company, valued at $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the firm’s stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the sale, the director owned 82,719 shares of the company’s stock, valued at approximately $1,544,363.73. This represents a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 153,149 shares of company stock valued at $2,821,230 in the last three months. Corporate insiders own 0.52% of the company’s stock.

KeyCorp Trading Down 1.6%

KEY stock opened at $17.63 on Friday. The firm has a fifty day moving average price of $17.22 and a 200 day moving average price of $16.48. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84. The firm has a market cap of $19.32 billion, a PE ratio of -251.86, a price-to-earnings-growth ratio of 0.62 and a beta of 1.13.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.81 billion. During the same period last year, the firm posted $0.25 earnings per share. KeyCorp’s revenue for the quarter was up 20.6% compared to the same quarter last year. Sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.205 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 4.7%. KeyCorp’s dividend payout ratio (DPR) is currently -1,171.43%.

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.