Retirement Systems of Alabama Cuts Stock Holdings in KeyCorp $KEY

Retirement Systems of Alabama decreased its position in KeyCorp (NYSE:KEY) by 88.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 198,823 shares of the financial services provider’s stock after selling 1,530,535 shares during the quarter. Retirement Systems of Alabama’s holdings in KeyCorp were worth $3,716,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC grew its position in KeyCorp by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock worth $428,084,000 after purchasing an additional 359,573 shares in the last quarter. Invesco Ltd. boosted its stake in shares of KeyCorp by 2.4% in the 2nd quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock worth $367,783,000 after buying an additional 488,730 shares during the last quarter. Norges Bank purchased a new position in shares of KeyCorp in the 2nd quarter worth approximately $195,642,000. Charles Schwab Investment Management Inc. grew its holdings in shares of KeyCorp by 0.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 9,432,386 shares of the financial services provider’s stock valued at $164,312,000 after acquiring an additional 79,670 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of KeyCorp by 12.6% during the second quarter. Bank of America Corp DE now owns 7,843,378 shares of the financial services provider’s stock valued at $136,632,000 after acquiring an additional 879,678 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Trading Down 0.6%

Shares of KEY opened at $21.51 on Friday. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $22.07. The business has a 50-day moving average of $20.52 and a 200 day moving average of $19.02. The firm has a market cap of $23.50 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 0.53 and a beta of 1.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company’s quarterly revenue was up 131.8% on a year-over-year basis. During the same quarter last year, the business earned $0.30 earnings per share. As a group, research analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s payout ratio is currently 53.95%.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Trina M. Evans sold 32,695 shares of the stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the sale, the director owned 58,719 shares in the company, valued at $1,276,551.06. This represents a 35.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.52% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on KEY shares. Evercore ISI lifted their price target on KeyCorp from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, January 6th. Barclays lifted their target price on KeyCorp from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday, January 5th. TD Cowen reissued a “buy” rating on shares of KeyCorp in a report on Wednesday, January 7th. The Goldman Sachs Group increased their price target on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Finally, Citigroup reaffirmed a “neutral” rating on shares of KeyCorp in a research report on Wednesday, December 31st. Eleven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.68.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.