Kingswood Wealth Advisors LLC Trims Stock Holdings in KeyCorp $KEY

Kingswood Wealth Advisors LLC trimmed its position in KeyCorp (NYSE:KEY) by 49.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 10,649 shares of the financial services provider’s stock after selling 10,520 shares during the period. Kingswood Wealth Advisors LLC’s holdings in KeyCorp were worth $186,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tompkins Financial Corp purchased a new stake in KeyCorp in the second quarter worth $26,000. Zions Bancorporation National Association UT purchased a new stake in KeyCorp in the first quarter worth $28,000. Allworth Financial LP grew its stake in KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 1,543 shares during the period. FSC Wealth Advisors LLC purchased a new stake in KeyCorp in the first quarter worth $34,000. Finally, SBI Securities Co. Ltd. grew its stake in KeyCorp by 34.0% in the first quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 671 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Trading Down 5.4%

Shares of NYSE:KEY opened at $17.19 on Monday. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The stock’s fifty day moving average price is $18.58 and its 200-day moving average price is $17.03. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $18.85 billion, a P/E ratio of -245.57, a PEG ratio of 0.55 and a beta of 1.15.

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 return on equity of 9.65% and a net margin of 1.49%.The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter in the prior year, the company earned $0.25 earnings per share. KeyCorp’s revenue was up 20.6% on a year-over-year basis. Sell-side analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 4.8%. KeyCorp’s dividend payout ratio is currently -1,171.43%.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Trina M. Evans sold 17,000 shares of the stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $18.67, for a total value of $317,390.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the completion of the transaction, the chief executive officer directly owned 619,895 shares in the company, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 174,102 shares of company stock valued at $3,299,664. 0.52% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

KEY has been the topic of several analyst reports. Royal Bank Of Canada boosted their target price on KeyCorp from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 1st. Wells Fargo & Company increased their target price on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, October 3rd. Baird R W downgraded KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 2nd. Jefferies Financial Group lowered their price target on KeyCorp from $21.00 to $20.00 and set a “hold” rating on the stock in a report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. upped their price target on KeyCorp from $19.00 to $19.50 and gave the company a “neutral” rating in a report on Friday. Ten equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.86.

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.