Fmr LLC Sells 13,835,289 Shares of KeyCorp (NYSE:KEY)

Fmr LLC cut its position in KeyCorp (NYSE:KEY) by 25.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,493,121 shares of the financial services provider’s stock after selling 13,835,289 shares during the quarter. Fmr LLC’s holdings in KeyCorp were worth $695,010,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in shares of KeyCorp by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,606,503 shares of the financial services provider’s stock valued at $529,409,000 after purchasing an additional 993,942 shares during the period. Diamond Hill Capital Management Inc. raised its holdings in shares of KeyCorp by 12.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock valued at $288,403,000 after buying an additional 2,213,872 shares during the last quarter. Earnest Partners LLC lifted its position in shares of KeyCorp by 23.2% during the second quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock worth $176,631,000 after purchasing an additional 2,339,454 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of KeyCorp by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock worth $149,299,000 after acquiring an additional 300,339 shares during the last quarter. Finally, Ceredex Value Advisors LLC lifted its position in KeyCorp by 112.4% during the 2nd quarter. Ceredex Value Advisors LLC now owns 6,647,393 shares of the financial services provider’s stock valued at $94,459,000 after purchasing an additional 3,517,755 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 15,011 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total transaction of $294,065.49. Following the transaction, the insider now directly owns 234,582 shares of the company’s stock, valued at approximately $4,595,461.38. The trade was a 6.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carlton L. Highsmith sold 9,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the sale, the director now directly owns 37,864 shares of the company’s stock, valued at $648,988.96. This represents a 19.20 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.61% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on KEY. Citigroup lowered shares of KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 target price for the company. in a report on Thursday, November 7th. Evercore ISI increased their target price on KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a research report on Tuesday, September 10th. Barclays upped their price target on KeyCorp from $16.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, Baird R W lowered shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.26.

KeyCorp Price Performance

Shares of NYSE KEY opened at $19.52 on Friday. The company has a fifty day moving average price of $17.79 and a 200 day moving average price of $16.08. The firm has a market cap of $19.35 billion, a PE ratio of 1,952.00, a PEG ratio of 1.08 and a beta of 1.24. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.09. KeyCorp has a 1-year low of $11.64 and a 1-year high of $20.04.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 17th. The financial services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.27 by $0.03. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.59 billion. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. Research analysts predict that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Tuesday, December 3rd. KeyCorp’s payout ratio is presently 8,200.00%.

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.