Independent Advisor Alliance Lowers Position in KeyCorp (NYSE:KEY)

Independent Advisor Alliance reduced its stake in KeyCorp (NYSE:KEY) by 49.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 10,433 shares of the financial services provider’s stock after selling 10,292 shares during the quarter. Independent Advisor Alliance’s holdings in KeyCorp were worth $150,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of KEY. Bruce G. Allen Investments LLC purchased a new stake in KeyCorp in the 4th quarter valued at $26,000. Sound Income Strategies LLC raised its position in KeyCorp by 3,600.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,887 shares of the financial services provider’s stock valued at $27,000 after buying an additional 1,836 shares during the last quarter. Cary Street Partners Investment Advisory LLC purchased a new stake in KeyCorp in the 3rd quarter valued at $28,000. First United Bank & Trust purchased a new stake in KeyCorp in the 4th quarter valued at $29,000. Finally, Baldwin Brothers LLC MA purchased a new stake in KeyCorp in the 4th quarter valued at $35,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Down 1.9 %

Shares of NYSE KEY opened at $15.03 on Thursday. KeyCorp has a 52 week low of $9.10 and a 52 week high of $15.86. The business has a 50-day simple moving average of $14.97 and a two-hundred day simple moving average of $14.15. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.72. The company has a market cap of $14.17 billion, a P/E ratio of 19.02, a P/E/G ratio of 0.74 and a beta of 1.28.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the prior year, the business earned $0.44 EPS. The firm’s revenue for the quarter was down 10.6% compared to the same quarter last year. Research analysts anticipate that KeyCorp will post 1.14 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Tuesday, May 28th will be paid a $0.205 dividend. The ex-dividend date of this dividend is Friday, May 24th. This represents a $0.82 annualized dividend and a yield of 5.46%. KeyCorp’s dividend payout ratio is currently 103.80%.

Analyst Ratings Changes

KEY has been the subject of several research analyst reports. Jefferies Financial Group raised their target price on KeyCorp from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Piper Sandler raised their target price on KeyCorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. Argus raised their target price on KeyCorp from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Keefe, Bruyette & Woods raised their target price on KeyCorp from $16.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Finally, Morgan Stanley raised their target price on KeyCorp from $12.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.00.

KeyCorp 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.