KeyCorp (NYSE:KEY) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC lessened its stake in shares of KeyCorp (NYSE:KEY) by 84.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,307 shares of the financial services provider’s stock after selling 113,438 shares during the quarter. Cresset Asset Management LLC’s holdings in KeyCorp were worth $365,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Captrust Financial Advisors boosted its stake in KeyCorp by 6.9% in the 4th quarter. Captrust Financial Advisors now owns 40,895 shares of the financial services provider’s stock worth $701,000 after purchasing an additional 2,645 shares during the period. Black Maple Capital Management LP lifted its stake in shares of KeyCorp by 110.0% in the 4th quarter. Black Maple Capital Management LP now owns 391,601 shares of the financial services provider’s stock valued at $6,712,000 after purchasing an additional 205,126 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of KeyCorp by 26.8% in the 4th quarter. BNP Paribas Financial Markets now owns 1,823,014 shares of the financial services provider’s stock valued at $31,246,000 after purchasing an additional 385,066 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in KeyCorp in the 4th quarter worth $291,000. Finally, Freestone Grove Partners LP bought a new position in KeyCorp in the 4th quarter worth $63,540,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Buying and Selling

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the transaction, the director now directly owns 37,177 shares of the company’s stock, valued at $617,138.20. This trade represents a 11.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mohit Ramani bought 10,000 shares of the firm’s stock in a transaction on Monday, April 21st. The stock was purchased at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the completion of the acquisition, the insider now owns 10,000 shares in the company, valued at approximately $137,500. This trade represents a ? increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.52% of the stock is owned by insiders.

KeyCorp Stock Performance

Shares of KEY opened at $16.48 on Friday. The stock has a market capitalization of $18.06 billion, a price-to-earnings ratio of -54.93, a PEG ratio of 0.65 and a beta of 1.08. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $15.12 and a 200 day simple moving average of $16.90. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same quarter last year, the company posted $0.20 earnings per share. Research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp announced that its board has authorized a share buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.98%. The ex-dividend date of this dividend is Tuesday, May 27th. KeyCorp’s payout ratio is presently -482.35%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Baird R W upgraded shares of KeyCorp from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Evercore ISI set a $17.00 target price on shares of KeyCorp in a research report on Monday, April 28th. Citigroup reiterated a “buy” rating on shares of KeyCorp in a research report on Thursday, April 17th. Wells Fargo & Company reissued an “overweight” rating on shares of KeyCorp in a research note on Thursday, April 17th. Finally, Stephens reaffirmed an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Nine investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.92.

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.