Envestnet Asset Management Inc. Cuts Stock Position in KeyCorp $KEY

Envestnet Asset Management Inc. trimmed its position in shares of KeyCorp (NYSE:KEY) by 23.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 633,799 shares of the financial services provider’s stock after selling 198,192 shares during the quarter. Envestnet Asset Management Inc.’s holdings in KeyCorp were worth $11,846,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. United Community Bank purchased a new stake in KeyCorp during the third quarter valued at approximately $27,000. Sachetta LLC grew its holdings in KeyCorp by 1,246.1% in the third quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 1,595 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new position in shares of KeyCorp during the second quarter worth $36,000. Root Financial Partners LLC purchased a new stake in shares of KeyCorp during the 3rd quarter valued at $37,000. Finally, Capital A Wealth Management LLC boosted its position in shares of KeyCorp by 252.8% in the 2nd quarter. Capital A Wealth Management LLC now owns 2,237 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 1,603 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Trina M. Evans sold 32,695 shares of the stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the transaction, the director directly owned 58,719 shares of the company’s stock, valued at $1,276,551.06. This trade represents a 35.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Angela G. Mago sold 62,850 shares of the business’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the sale, the insider directly owned 261,415 shares of the company’s stock, valued at $5,633,493.25. This represents a 19.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 161,506 shares of company stock valued at $3,597,481 in the last three months. 0.52% of the stock is currently owned by company insiders.

KeyCorp Price Performance

NYSE:KEY opened at $21.65 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The company has a 50 day moving average price of $21.39 and a 200-day moving average price of $19.36. KeyCorp has a 1-year low of $12.73 and a 1-year high of $23.34. The firm has a market cap of $23.66 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 0.53 and a beta of 1.10.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the previous year, the company earned $0.30 earnings per share. The firm’s revenue for the quarter was up 131.8% on a year-over-year basis. Equities research analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be given a $0.205 dividend. The ex-dividend date is Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. KeyCorp’s payout ratio is 53.95%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Truist Financial upped their target price on KeyCorp from $22.00 to $23.00 and gave the company a “hold” rating in a research report on Monday, January 26th. Royal Bank Of Canada boosted their price target on KeyCorp from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. DA Davidson set a $25.00 price objective on shares of KeyCorp in a research report on Wednesday, January 21st. Jefferies Financial Group boosted their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday, December 10th. Finally, Stephens upped their price target on shares of KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Eleven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $22.87.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.