Hennessy Advisors Inc. Sells 33,000 Shares of KeyCorp $KEY

Hennessy Advisors Inc. cut its stake in KeyCorp (NYSE:KEY) by 82.5% in the second quarter, HoldingsChannel reports. The fund owned 7,000 shares of the financial services provider’s stock after selling 33,000 shares during the period. Hennessy Advisors Inc.’s holdings in KeyCorp were worth $122,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Ameritas Advisory Services LLC bought a new position in shares of KeyCorp in the second quarter worth about $51,000. Hilltop National Bank bought a new position in shares of KeyCorp in the second quarter worth about $181,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of KeyCorp by 6.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 130,639 shares of the financial services provider’s stock worth $2,276,000 after acquiring an additional 7,714 shares during the last quarter. J. Safra Sarasin Holding AG bought a new position in shares of KeyCorp in the second quarter worth about $337,000. Finally, ASR Vermogensbeheer N.V. raised its stake in shares of KeyCorp by 4.1% in the second quarter. ASR Vermogensbeheer N.V. now owns 77,970 shares of the financial services provider’s stock worth $1,358,000 after acquiring an additional 3,087 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

KEY has been the subject of a number of research analyst reports. Baird R W downgraded shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 2nd. Bank of America boosted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, June 16th. UBS Group raised shares of KeyCorp from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $16.00 to $22.00 in a research note on Tuesday, July 8th. DA Davidson boosted their price target on shares of KeyCorp from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. Finally, Truist Financial boosted their price target on shares of KeyCorp from $17.00 to $19.00 and gave the stock a “hold” rating in a research note on Monday, July 28th. Ten research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, KeyCorp presently has a consensus rating of “Hold” and an average target price of $20.47.

Insider Activity at KeyCorp

In related news, Director Trina M. Evans sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the completion of the transaction, the director owned 82,719 shares in the company, valued at approximately $1,544,363.73. The trade was a 17.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Paine III sold 44,953 shares of the company’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the transaction, the insider owned 245,044 shares of the company’s stock, valued at $4,726,898.76. This trade represents a 15.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,102 shares of company stock worth $3,299,664. 0.52% of the stock is currently owned by company insiders.

KeyCorp Stock Up 1.0%

Shares of NYSE KEY opened at $18.63 on Monday. The stock has a market cap of $20.43 billion, a P/E ratio of -266.17, a P/E/G ratio of 0.65 and a beta of 1.15. The firm has a 50 day moving average price of $18.58 and a 200 day moving average price of $16.97. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 earnings per share. Analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 4.4%. KeyCorp’s payout ratio is currently -1,171.43%.

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.