Retirement Systems of Alabama Sells 1,530,535 Shares of KeyCorp $KEY

Retirement Systems of Alabama cut its stake in shares of KeyCorp (NYSE:KEY) by 88.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 198,823 shares of the financial services provider’s stock after selling 1,530,535 shares during the period. Retirement Systems of Alabama’s holdings in KeyCorp were worth $3,716,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Activest Wealth Management increased its holdings in KeyCorp by 8,775.0% during the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 1,404 shares during the period. Sachetta LLC grew its position in shares of KeyCorp by 1,246.1% during the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 1,595 shares in the last quarter. Root Financial Partners LLC purchased a new position in shares of KeyCorp during the 3rd quarter valued at $37,000. Elevation Point Wealth Partners LLC bought a new position in shares of KeyCorp in the second quarter worth $36,000. Finally, Concord Wealth Partners raised its position in shares of KeyCorp by 71.5% in the second quarter. Concord Wealth Partners now owns 2,183 shares of the financial services provider’s stock worth $38,000 after buying an additional 910 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

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 firm has a market cap of $23.50 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 0.53 and a beta of 1.09. The firm has a 50 day moving average price of $20.52 and a 200-day moving average price of $19.02. 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 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The firm’s revenue was up 131.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 EPS. As a group, equities research analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders 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 dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, March 3rd. KeyCorp’s payout ratio is 53.95%.

Insider Buying and Selling at KeyCorp

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

Analysts Set New Price Targets

KEY has been the subject of several recent analyst reports. Barclays boosted their target price on KeyCorp from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, January 5th. Jefferies Financial Group lifted their price target on KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a research report on Wednesday, December 10th. Keefe, Bruyette & Woods upped their price objective on shares of KeyCorp from $21.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Wells Fargo & Company set a $18.00 target price on shares of KeyCorp and gave the company an “underperform” rating in a research note on Tuesday, January 6th. Finally, Royal Bank Of Canada lifted their target price on shares of KeyCorp from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $22.68.

KeyCorp 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.