Norden Group LLC Cuts Stock Position in KeyCorp $KEY

Norden Group LLC trimmed its holdings in KeyCorp (NYSE:KEY) by 21.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,640 shares of the financial services provider’s stock after selling 3,546 shares during the period. Norden Group LLC’s holdings in KeyCorp were worth $220,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in KEY. Price T Rowe Associates Inc. MD lifted its holdings in KeyCorp by 40.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider’s stock worth $814,756,000 after purchasing an additional 14,651,281 shares in the last quarter. Vanguard Group Inc. raised its position in shares of KeyCorp by 7.2% during the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider’s stock valued at $2,004,273,000 after buying an additional 8,412,625 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of KeyCorp by 1,142.4% in the first quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider’s stock worth $79,978,000 after buying an additional 4,599,197 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of KeyCorp during the first quarter worth $60,194,000. Finally, Invesco Ltd. grew its stake in KeyCorp by 19.5% during the first quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider’s stock valued at $329,777,000 after acquiring an additional 3,363,421 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insider Transactions at KeyCorp

In related news, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the transaction, the chief executive officer directly owned 619,895 shares of the company’s stock, valued at approximately $11,691,219.70. The trade was a 15.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the company’s stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director owned 82,719 shares in the company, valued at $1,544,363.73. The trade was a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 174,102 shares of company stock worth $3,299,664. 0.52% of the stock is currently owned by insiders.

KeyCorp Trading Up 0.4%

Shares of KEY stock opened at $18.89 on Friday. The company has a market cap of $20.71 billion, a PE ratio of -269.79, a price-to-earnings-growth ratio of 0.66 and a beta of 1.15. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The stock’s 50 day simple moving average is $18.58 and its two-hundred day simple moving average is $16.86. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share 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 firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter in the previous year, the company posted $0.25 EPS. The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. Research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.3%. KeyCorp’s dividend payout ratio is currently -1,171.43%.

Wall Street Analyst Weigh In

KEY has been the topic of several research analyst reports. Wells Fargo & Company boosted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. DA Davidson boosted their target price on KeyCorp from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. Bank of America increased their price target on KeyCorp from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Baird R W downgraded KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 2nd. Finally, Jefferies Financial Group lowered their target price on KeyCorp from $21.00 to $20.00 and set a “hold” rating for the company in a research report on Wednesday. Ten research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.58.

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.