Morningstar Investment Management LLC Decreases Holdings in KeyCorp (NYSE:KEY)

Morningstar Investment Management LLC trimmed its holdings in shares of KeyCorp (NYSE:KEY) by 13.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 97,594 shares of the financial services provider’s stock after selling 15,636 shares during the period. Morningstar Investment Management LLC’s holdings in KeyCorp were worth $1,387,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC purchased a new stake in KeyCorp during the 1st quarter worth $25,000. Crewe Advisors LLC purchased a new position in KeyCorp in the 1st quarter valued at about $32,000. Quarry LP purchased a new position in KeyCorp in the 4th quarter valued at about $38,000. Fidelis Capital Partners LLC purchased a new position in KeyCorp in the 1st quarter valued at about $39,000. Finally, Centerpoint Advisors LLC boosted its position in KeyCorp by 127.7% in the 1st quarter. Centerpoint Advisors LLC now owns 3,757 shares of the financial services provider’s stock valued at $59,000 after buying an additional 2,107 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other KeyCorp news, Director Carlton L. Highsmith sold 10,000 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $16.21, for a total value of $162,100.00. Following the completion of the transaction, the director now owns 46,864 shares in the company, valued at approximately $759,665.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.61% of the stock is owned by insiders.

KeyCorp Price Performance

KEY opened at $16.11 on Friday. The firm has a market cap of $15.19 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 0.88 and a beta of 1.25. KeyCorp has a fifty-two week low of $9.50 and a fifty-two week high of $17.20. The company’s 50-day moving average price is $15.80 and its 200 day moving average price is $14.99. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.37.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.01. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. KeyCorp’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share. As a group, sell-side analysts expect that KeyCorp will post 1.09 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 27th will be paid a dividend of $0.205 per share. The ex-dividend date is Tuesday, August 27th. This represents a $0.82 annualized dividend and a yield of 5.09%. KeyCorp’s dividend payout ratio (DPR) is 103.80%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Evercore ISI decreased their price objective on shares of KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. Citigroup upped their price objective on shares of KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price objective on shares of KeyCorp in a research report on Tuesday, August 13th. Morgan Stanley upped their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. Finally, UBS Group cut shares of KeyCorp from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $16.00 to $15.00 in a research report on Monday, July 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued 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 $16.65.

About KeyCorp

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.