Hennessy Advisors Inc. Has $640,000 Stock Holdings in KeyCorp (NYSE:KEY)

Hennessy Advisors Inc. trimmed its stake in shares of KeyCorp (NYSE:KEY) by 20.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,000 shares of the financial services provider’s stock after selling 10,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in KeyCorp were worth $640,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Whittier Trust Co. increased its position in KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 800 shares in the last quarter. Ethos Financial Group LLC acquired a new position in KeyCorp during the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC acquired a new position in KeyCorp during the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. acquired a new position in KeyCorp during the 4th quarter worth approximately $34,000. Finally, TCTC Holdings LLC increased its position in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 611 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Trading Down 3.0%

NYSE:KEY opened at $15.63 on Monday. The firm’s fifty day moving average is $15.34 and its 200-day moving average is $16.46. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The firm has a market cap of $17.12 billion, a P/E ratio of -52.08, a P/E/G ratio of 0.65 and a beta of 1.09.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data 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 company had revenue of $1.77 billion for the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $0.20 EPS. Equities analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp declared that its board has authorized a stock 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 reacquire up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 5.25%. The ex-dividend date was Tuesday, May 27th. KeyCorp’s dividend payout ratio is presently -482.35%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on KEY. Cowen began coverage on shares of KeyCorp in a research report on Wednesday, May 14th. They set a “hold” rating for the company. TD Cowen began coverage on shares of KeyCorp in a research report on Thursday, May 15th. They issued a “hold” rating and a $18.00 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Truist Financial decreased their price target on shares of KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a research report on Tuesday, April 22nd. Finally, Evercore ISI set a $17.00 price target on shares of KeyCorp in a research report on Monday, April 28th. Eleven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.86.

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.